On June 5, analysts at BTC financial services firm Swan remarked, “Something strange is happening with this Bitcoin cycle.” As we enter what is traditionally considered the final year of a four-year trend, the current market dynamics reveal a significant and unprecedented shift.
Typically, Bitcoin experiences explosive growth in its “third green year.” However, the year 2025 has shown more measured fluctuations, characterized by sideways trading. Despite this apparently stagnant price movement, analysts like those at Swan argue that what we are witnessing signals a crucial transition rather than the collapse of the cycle.
Bitcoin Cycle Pattern Shift
According to Swan’s analysis, a major shift is unfolding beneath the surface. While some long-time Bitcoin holders are cashing out at prices exceeding $100,000, newer participants, including influential players like BlackRock and Fidelity, are establishing significant long-term positions. These entities are not merely speculative traders; they are investing in Bitcoin with the intent to hold.
“People less committed to the long term are exiting… and a whole new class of investors is entering,” emphasized Bitcoin permabull Michael Saylor.
This transition reflects a “rotation into stronger hands,” shifting from individual speculators to institutional investors who view Bitcoin as a permanent store of value on their balance sheets.
Something strange is happening with this Bitcoin cycle.
We should be in the final year of the 4-year trend. Corporations are buying more than ever.
But the price? It’s boring people.
Here’s why we could be witnessing the final Bitcoin rotation before everything changes. pic.twitter.com/rcJWLFQZjP
— Swan (@Swan) June 4, 2025
Furthermore, a generational wealth transfer is underway, as Millennials enter their peak earning years. This demographic is increasingly choosing Bitcoin as their preferred investment vehicle, much like their predecessors opted for gold or stocks.
Coupled with macroeconomic signals—such as a weakening dollar amid rising bond yields—the current environment is primed for potential explosive price movement, especially as the tradeable supply of Bitcoin continues to dwindle.
“So if you’re selling now, understand this: You’re likely handing your Bitcoin to an institution or entity that plans to hold it indefinitely,” Swan analysts concluded.
The sentiment is echoed by Glassnode, which has noted a distinct institutional skew in the Bitcoin market over the past six months. This trend suggests that large holders are becoming increasingly significant players in determining market direction.
Entity-adjusted URPD shows a clear institutional skew in the #Bitcoin market over the past 6 months. Above $90k, activity is led by 100–10k $BTC holders. Wallets >100k $BTC are most concentrated at $74k–76k, large whales (10k–100k) at $78k–79k, $85k–90k, and near current levels pic.twitter.com/Tp9ydGJcIP
— glassnode (@glassnode) June 4, 2025
As of the latest updates, Bitcoin was trading down marginally at $105,000. After a drop from over $108,000 in late May, it appears to have found robust support at current levels. However, significant activity from new whale accounts indicates ongoing accumulation, which may suggest that momentum could shift if Bitcoin manages to clear resistance above $108,000.
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