Jordi Visser, President of Weiss Multi-Strategy Advisers, said in a recent interview that BTC is in a stage similar to an initial public offering. According to him, the asset is currently being redistributed from early holders to a broader group of investors, which is temporarily limiting price growth.
“Bitcoin is going through a natural phase where large investors, including miners and early market participants, are taking profits and diversifying their assets,” he said.
Visser explained that some early investors, particularly from China, are shifting focus toward other opportunities, especially in the stock market and the artificial intelligence sector, where returns may outperform crypto assets.
He also pointed out that a drop in retail investor activity is holding back Bitcoin’s momentum. At the moment, the asset seems “boring” compared to major tech companies like NVIDIA, while most retail traders are seeking higher returns in traditional markets.
Visser emphasized that the market’s structure is undergoing fundamental change.
“Bitcoin’s volatility has decreased significantly, and this metric makes the cryptocurrency a more mature asset for institutional investors,” he noted.
He added that Bitcoin ownership remains highly concentrated, with roughly one-third of all coins held by a small number of addresses, including Satoshi Nakamoto’s wallet. However, despite the price decline, institutional holdings and products such as BIT continue to expand.
Visser called this a sign of growing confidence in the asset. He also highlighted the weakening correlation between Bitcoin, NASDAQ, and gold as a positive development. He expects that after the current phase of redistribution and market consolidation ends, interest in Bitcoin will return. According to him, acceleration could begin next year as the sector gains more transparency and tokenization infrastructure matures.
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