According to @ki_young_ju, Bitcoin already experienced its IPO-like exit as early investors have exited, which explains why BTC’s price is not jumping now, source: @ki_young_ju on X, Nov 22, 2025. He points readers to a newsletter for detailed supporting data behind this view, indicating that distribution by early holders has occurred and near-term upside momentum is muted, source: @ki_young_ju on X, Nov 22, 2025. For traders, this implies a consolidation bias and lower probability of immediate breakout moves until fresh demand absorbs prior exits, so positioning should favor range strategies over chase-the-spike tactics in the short term, source: @ki_young_ju on X, Nov 22, 2025.