The CoinShares Bitcoin ETF (BRRR) and the CoinShares Bitcoin and Ether ETF (BTF) posted gains over the past week, as the broader bitcoin market appears to be entering a maturation phase that some analysts compare to a company’s post-IPO period.

Bitcoin has struggled to return to levels above $100,000 despite bitcoin ETFs collectively holding more than $100 billion in assets. A November report from CoinShares suggests this reflects a natural market evolution rather than a sign of weakness.

According to the CoinShares report, Bitcoin is undergoing a distribution phase where long-term holders are finally able to exit positions that would have cratered the market in previous cycles. The deep liquidity provided by ETFs now allows these early adopters to sell to new institutional investors without destroying prices.

BRRR gained 7.4% over the past week and holds $518 million in assets, according to ETF Database. The fund tracks the spot price of bitcoin through direct holdings stored in cold storage wallets.

BTF, which provides exposure to both bitcoin and ether through futures contracts, climbed about 9% over the past week, according to ETF database. The fund maintains equal weight allocations to both cryptocurrencies through monthly rebalancing and holds $33 million in assets.

The idea outlined in the CoinShares research draws parallels to technology company IPOs. When startups go public, early investors often spend years distributing their holdings to new shareholders, which can suppress price growth even as the underlying business remains healthy.

Bitcoin ETF Liquidity Enables Transition

Bitcoin’s market cap of roughly $2 trillion makes this distribution process potentially longer than typical tech IPOs, according to the report. Early Bitcoin holders sitting on positions worth hundreds of millions or billions of dollars now have sufficient liquidity to exit without causing market chaos.

The report notes that implied overnight interest rates suggest the Federal Reserve will continue easing monetary policy through 2026 and beyond. This dovish backdrop could provide support for Bitcoin prices even as the distribution phase continues.

The percent of Bitcoin supply currently in profit recently approached levels typically seen during bear markets. However, the CoinShares analysis suggests this may reflect the natural cost of Bitcoin’s maturation rather than fundamental weakness in the asset.

Bitcoin trades at around $91,920 after reaching an all-time high above $126,198 in October, according to CoinMarketCap data.

For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.