This analysis unpacks what’s really behind the recent Bitcoin sell-off as price probes the psychologically important $100,000 area after a year of lower highs and lower lows. On-chain data in the video highlights one of the largest long-term holder (LTH) distribution waves on record—over ~400,000 BTC (≈2% of supply) moved in the past 30 days—yet price has remained comparatively resilient (≈−20% from ATHs versus deeper corrections in prior years). Veteran macro investor Jordi Visser frames this as Bitcoin’s “IPO moment”: a silent, orderly rotation from OG whales and early miners—who finally have deep liquidity via ETFs, institutional rails, corporate treasuries, and sovereign demand—to a broader base of global capital that can absorb large blocks without breaking the market. Technically, a historic weekly Bollinger Band squeeze signals volatility has drained, often preceding decisive moves; a liquidation heat-map shows short clusters around ~115–125K that could fuel upside if triggered; and a divergence from expanding global liquidity (rising M2) suggests LTH supply overhang may be masking underlying macro tailwinds. The takeaway: this looks more like a maturation phase—distribution and consolidation—than a structural breakdown. Markets can still wash out before reversing, but falling correlations to equities and gold, compressing vol, and broadening ownership are consistent with a transitioning, institutionalizing monetary network. Educational content only—crypto assets are volatile; use disciplined risk management.
