Bitcoin is drifting just above $105,000 on June 5, its lowest realized volatility in almost two years, yet Swan, the Los-Angeles-based \u201cBitcoin-only\u201d financial services firm, contends the market is on the verge of its most radical re-pricing ever.<\/p>\n
In a X thread<\/a> on Wednesday night, the company argued that the familiar four-year boom-and-bust cadence is giving way to \u201cthe last rotation\u201d\u2014a silent transfer of coins from retail speculators to institutions whose investment horizons stretch decades. \u201cPeople less committed to the long term are exiting [\u2026] and a whole new class of investors is entering,\u201d Swan is quoting Michael Saylor<\/a>, framing the hand-off from retail traders to corporate treasuries, ETFs and multinationals such as BlackRock and Fidelity.<\/p>\n So far, 2025 has defied the script. The third calendar year of every prior cycle\u20142013, 2017 and 2021\u2014delivered the vertical moves that defined those eras. This year has offered \u201cbig moves, but also shallower corrections and longer periods of sideways chop,\u201d Swan writes, conceding that the price action \u201cis boring people.\u201d<\/p>\n The firm\u2019s thesis is that boredom masks an invisible supply squeeze: long-time holders taking profits above $100,000 while \u201clong-only buyers,\u201d in Swan\u2019s words, methodically absorb the float. \u201cThese corporations<\/a>, they\u2019re long-only buyers. Not traders of Bitcoin,\u201d Swan argues, underscoring the firm\u2019s view that coins migrating into corporate vaults are effectively removed from circulation.<\/p>\n The thread portrays three intertwined rotations: Between entities \u2013 Trustees, lawyers and early adopters are exiting; ETFs, corporations and \u201csovereign-grade balance sheets\u201d are stepping in.<\/p>\n Between intentions \u2013 Speculation gives way to allocation. \u201cThis new wave of buyers isn\u2019t speculating,\u201d Swan writes. \u201cThey\u2019re allocating.\u201d Between generations. The Silent Generation hoarded gold; Boomers compounded in equities; Gen X surfed tech; now Millennials, \u201centering their peak accumulation years,\u201d are \u201cinheriting trillions\u2014and they\u2019re choosing Bitcoin.\u201d<\/p>\n