Analyst Jordi Visser compares bitcoin's current price stagnation to the aftermath of stock IPOs. He argues that early investors are slowly cashing out without crashing the market, leading to a prolonged period of sideways movement. This distribution phase is expected to last several months before sentiment improves.

Market positioning data as of September 1, 2025, reveals a significant divergence between Bitcoin (BTC) and Ethereum (ETH), with BTC showing heavy long positioning while ETH remains neutral. Institutional interest in ETH ETFs surged, attracting $3.87B in net inflows, indicating a growing appetite for altcoins as speculative activity increases.