Must read explanation why BTC lags gold and equities in a risk-on environment

Must read explanation why BTC lags gold and equities in a risk-on environment.

It's no surprise that clarity comes from a TradFi guy, while CT is lost: What's happening to BTC HAS NEVER happened in crypto but happens often in TradFi world: the winning. An IPO moment.

Early BTC believers are realizing gains after Bitcoin won.

They mined, held through FUD, and now finally have exit liquidity without crashing the market.

This is not panic selling but the natural transition from concentrated to distributed ownership.

I call it The Great Rotation.

When a few thousand wallets hold most of the supply, one seller can move the market.

As ownership spreads to millions of investors through ETFs, institutions, and retail, the same amount of BTC sold barely moves price.

Selling gets absorbed across time and venues.

That is how volatility fades and the asset becomes more stable.

Like IPOs, this phase takes time.

Early holders sell patiently while new institutional buyers accumulate.

It lasts 6 to 18 months, but in Bitcoin time we might already be past the 6 months.

This is why this time is different.

BTC is not failing to rally because it is a bear market. It is not dumping because of fear.

It is consolidating because Bitcoin already won. The market is simply digesting that success.

Price moves sideways, sentiment looks dead, but structurally Bitcoin becomes stronger and more mature.

OGs exiting is bullish because it means Bitcoin finally reached the scale where large exits no longer break the market.

The longer Bitcoin consolidates, the more distributed and resilient it becomes.

What feels boring now is how real store of value assets are born.

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