BITCOIN'S SILENT IPO

Summary from the TLDR Crypto newsletter

Bitcoin's weak price action despite wildly successful ETFs, institutional adoption, and friendly regulation mirrors traditional IPO dynamics where early investors methodically cash out. Meta's 2012 IPO at $38/share raising $16 billion exemplifies this pattern. Shares fell 30% over the following year as early investors distributed positions without cratering the price, creating a "sideways grind that drives everyone crazy." Onchain data shows old bitcoin moving as ETFs and institutional bids finally provide liquidity that didn't exist in 2015-2019, when selling $100 million or $1 billion would crater prices, with the distribution process typically taking 6-18 months in traditional markets and possibly longer in crypto.