Bitcoin is currently experiencing stagnant price action, despite favorable conditions like successful ETFs and increasing institutional investment. Jordi Visser, a traditional finance asset manager, draws parallels between Bitcoin's situation and the dynamics seen during stock IPOs. He argues that while Bitcoin hasn't had a formal IPO, the liquidity challenges and selling pressure from early investors mirror those in the stock market. For instance, he cites the Facebook IPO in 2012, where early investors liquidated shares gradually, causing a price drop over time. Visser highlights that significant liquidity events are now occurring as Bitcoin matures. Institutional interest has grown, with major companies and sovereign wealth funds holding Bitcoin on their balance sheets. This change allows early adopters to exit positions without drastically impacting market prices. However, this process leads to a prolonged sideways price movement, frustrating many investors. Visser suggests that we are not in a bear market but rather a phase of ownership distribution, which could take 6 to 18 months to resolve. Despite a recent recovery of Bitcoin's price back above $70,000, anxiety remains evident in the market, as shown by the Crypto Fear & Greed Index indicating "extreme fear." In the past week, Bitcoin saw $8.7 billion in losses, suggesting a possible capitulation event where weaker hands sell off their holdings. Visser emphasizes that understanding the current market phase is key for investors, who may be overly eager for Bitcoin to catch up to stock performance. Patience will be essential as the market stabilizes and the distribution of Bitcoin ownership concludes.