Bitcoin’s Downtrend Explained By Wall Street Vet: It’s An ‘IPO-Style Distribution’
November 4, 2025
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Veteran Wall Street investor Jordi Visser said on Anthony Pompliano’s podcast that the current Bitcoin (CRYPTO: BTC) price action resembles an “IPO-style distribution.”
Visser, a macro investor with over 30 years of professional market experience and founder of Visser Labs, told Pompliano that “every possible thing you’d want for Bitcoin is happening.”
He cited government support, growing institutional infrastructure, and continued retail inflows as key signals of structural maturity.
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According to Visser, the recent selling by long-time holders and miners resembles an “IPO-style distribution,” where early investors diversify after years of outsized gains.
He compared the move to a normal market rotation, noting that large holders “with $9 billion in Bitcoin” are taking profits to pursue opportunities in new growth sectors like artificial intelligence and China’s recovering stock market.
“This is just a distribution of a few massive holders,” Visser said. “Once this phase is complete, the fundamentals take over next year.”
Visser argued that Bitcoin’s volatility has declined sharply, citing implied and realized volatility readings now near 30 percent.
He said this shift, combined with lower correlation to equities and gold, improves Bitcoin’s case as a portfolio diversifier.
“In portfolio theory, with your stocks, your gold, and your bonds, there’s every argument to make,” he said.
“It’s lower volatility now, lower correlation with traditional assets, and it’s a diversification from gold.”
Visser added that what some investors see as stagnation is actually stabilization.
“Everyone that’s depressed has actually become entitled,” he said. “This isn’t broken — it’s being distributed.”
He expects new catalysts like tokenization, regulatory clarity, and digital-payment adoption to drive the next growth cycle.
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BTC Key Technical Levels (Source: TradingView)
Bitcoin’s price action supports the idea of a consolidation phase as it slipped to around $104,000 on Tuesday, breaking below the rising trendline that had supported every major bounce since April.
It now trades beneath the major EMAs, signaling a shift in momentum toward sellers.
The Supertrend indicator remains red, reinforcing a defensive bias unless buyers reclaim the $112,000 zone.
If the breakdown holds, the next support sits between $100,000 and $98,500, where prior demand re-emerged.
Image: Shutterstock
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This article Bitcoin’s Downtrend Explained By Wall Street Vet: It’s An ‘IPO-Style Distribution’ originally appeared on Benzinga.com
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