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Bitcoin is in a consolidation phase as long-time holders gradually sell and new investors accumulate, marking a crucial transition toward a broader and more stable market structure, says analyst Jordi Visser.
Bitcoin Enters a Crucial Consolidation Phase
Bitcoin is likely in the midst of a consolidation phase that mirrors the early stabilization periods seen in traditional financial markets, according to macro analyst Jordi Visser.
Speaking on Anthony Pompliano’s podcast and expanding on his ideas in a detailed Substack post, Visser described Bitcoin’s current market behavior as a steady, controlled transition of ownership — from early adopters to a broader base of long-term investors.
“Old coins that have been dormant for years are on the move,” Visser said. “Not all at once. Not in panic. But steadily. Early believers are passing the torch to long-term holders who bought at higher prices and have different motivations.”
Visser suggested that this steady rotation of holdings is a positive and necessary evolution — signaling Bitcoin’s move from a speculative, concentrated asset into a distributed, durable monetary network.
Old Holders Selling, New Investors Stepping In
Data from blockchain analytics platforms supports Visser’s assessment. Bitcoin wallets that have remained inactive for years are suddenly showing movement, indicating that early holders are realizing profits.
At the same time, new participants are accumulating Bitcoin during dips, suggesting growing conviction among institutional and retail investors alike.
“The excitement of concentration is being replaced by the durability of distribution,” Visser explained. “This is what success looks like. This is Bitcoin evolving.”
This dynamic — older investors cashing out while newer ones buy in — resembles the redistribution phase often seen in major financial assets after periods of strong price performance.
Bitcoin Trading Sideways Amid Broader Market Strength
Over the past week, Bitcoin (BTC) has traded between $106,786 and $115,957, reflecting muted volatility and a tight range.
Visser compared this behavior to post-IPO consolidation in traditional markets, where early shareholders take profits while new investors accumulate gradually.
“When a company goes public and early investors start selling, the stock often consolidates even during broader market rallies,” he said. “The fundamentals are fine, but the stock just sits there — that’s what we’re seeing with Bitcoin right now.”
According to Visser, this sideways trading range is a hallmark of a healthy Bitcoin consolidation phase rather than a sign of weakness. It reflects a period of market digestion, where ownership is being transferred and supply absorbed before a new trend emerges.
Investor Sentiment: Fearful, Yet Fundamentally Strong
The Crypto Fear & Greed Index has remained in the “fear” zone for several days, reflecting cautious sentiment among traders. Yet, key fundamentals — from network strength to institutional adoption — tell a different story.
Bitcoin’s network hashrate continues to hit record highs, underscoring strong miner participation. Meanwhile, spot Bitcoin ETFs have continued to see inflows, suggesting steady institutional interest despite market indecision.
“In a bear market, there are no buyers,” Visser noted. “But Bitcoin isn’t collapsing — it’s consolidating. Every dip gets bought. The fundamentals are stronger than ever.”
He emphasized that this resilience demonstrates Bitcoin’s transition from a volatile speculative asset to a long-term, stable investment class.
The Bitcoin Consolidation Phase Could Last 6–18 Months
Visser cautioned that the Bitcoin consolidation phase could persist for several more months. In traditional markets, consolidation periods following significant price moves or IPOs can last six to eighteen months, depending on investor behavior.
While Bitcoin tends to move faster than conventional assets, its current stage of ownership redistribution — from early adopters to broader market participants — still requires time.
“Expect continued consolidation,” Visser said. “Expect Bitcoin to keep frustrating people by not rallying with risk assets. The good news is already here — it just hasn’t been priced in yet.”
Once the process completes, Visser expects lower volatility and broader ownership, with Bitcoin held by a more diversified set of investors — from retail holders to institutional funds.
Structure and Fundamentals Suggest Market Maturity
Visser’s analysis underscores a critical inflection point in Bitcoin’s evolution. The shift from concentrated ownership to wider distribution signals that Bitcoin is maturing into a durable, institutional-grade asset.
As older coins re-enter circulation and new holders buy in, the Bitcoin ecosystem becomes more resilient — less dependent on early adopters and more influenced by long-term capital.
This marks a major step in Bitcoin’s ongoing transformation: from a highly speculative digital asset to a mainstream financial instrument supported by established institutions and sophisticated investors.
Consolidation Today, Expansion Tomorrow
While short-term traders may find the lack of movement frustrating, long-term investors view consolidation as a necessary reset before renewed momentum.
On-chain metrics show that accumulation patterns remain strong, with new entrants steadily increasing their holdings. Historically, similar phases of tight price ranges and low volatility have preceded major upside breakouts in Bitcoin’s market cycles.
The key, according to Visser, is patience. Consolidation phases often “wear out” traders before rewarding those who hold through the uncertainty.
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