“Something strange is happening with this Bitcoin cycle,” said analysts at BTC financial services firm Swan on X on June 5.

We should be in the final year of the four-year trend, but corporations are buying more than ever, they said, adding that the asset price is “boring people.”

While Bitcoin typically experiences explosive growth in its “third green year,” 2025 has seen more measured movements with sideways trading.

However, this signals a crucial transition rather than a broken cycle, the analysts argued.

Bitcoin Cycle Pattern Shift

Under the surface, “a massive shift is playing out,” they said, adding that some long-time holders are cashing out above $100,000. Still, there are new buyers such as BlackRock, Fidelity, Bitcoin treasury companies, and corporations building strategic long-term positions, and “they’re not here to sell.”

“People less committed to the long term are exiting… and a whole new class of investors is entering,” said Bitcoin permabull Michael Saylor.

This represents a “rotation into stronger hands” from individual speculators to institutional allocators who view Bitcoin as a permanent balance sheet asset.

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

The analysts also highlighted a generational wealth transfer, with Millennials entering peak earning years and choosing Bitcoin over traditional assets like their predecessors chose gold or stocks.

Combined with concerning macro signals such as a weakening dollar amid rising bond yields, this creates conditions for potential explosive price movement as the tradeable supply shrinks, they stated before concluding this was a “final rotation” and adding:

“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.”

Glassnode echoed the sentiment, stating that entity-adjusted unspent realized price distribution “shows a clear institutional skew in the Bitcoin market over the past 6 months.”

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

Crypto Market Outlook

Bitcoin was trading down marginally on the day at $105,000 at the time of writing. It has remained tightly range-bound since its fall from over $108,000 in late May but appears to have found strengthening support at current levels.

However, CryptoQuant reported that new whales were accumulating. “A fresh cohort of Bitcoin whales … with an average coin age under six months has been stacking at a record pace,” analysts said on June 4.

The asset needs to clear resistance above $108,000 to see any further upside momentum.