Bitcoin-focused financial services firm Swan has released a remarkable analysis of the cryptocurrency markets. The company warns that the current cycle is different from others and that we may be witnessing “the last Bitcoin rotation before everything changes.” Swan argued that despite being in the final year of the classic four-year cycle, price action has not generated as much excitement as expected. While past cycles have seen parabolic increases in Bitcoin’s third green year, 2025 has so far seen a slower, more measured, and sideways market. According to the analysis, a major shift is taking place under the surface in the Bitcoin market. Investors who have held BTC for a long time are selling above the $100,000 level, while BlackRock, Fidelity, large companies and institutional buyers who have established long-term strategic positions are taking their place. Swan states that this new class of investors is not for sale. Swan CIO Ben Werkman said: “These companies are not buying Bitcoin to trade, but to hold it in their long-term portfolios. They are simply buyers. Not sellers.” When long-term capital is combined with inelastic supply, market supply can dry up quickly, with “explosive” consequences for prices, according to Werkman. MicroStrategy CEO Michael Saylor also contributed to the analysis, stating: “People who are not committed to the long term are exiting the market… and they are being replaced by a completely different class of investors.” Related News: Donald Trump Talks to Chinese President Xi Jinping - Is the Trade War Coming to an End? Here Are the Details of the Call Swan notes that this transformation is not only happening among investor types, but also between generations. After the Silent Generation who trusted in gold, the Baby Boomers who accumulated their wealth in stocks, and the Generation X who grew up with technology, now the Millennials who are starting to inherit trillions of dollars are coming onto the scene and they are choosing Bitcoin. In the analysis, it was argued that the structural transformation in Bitcoin is also supported by the macroeconomic background. Swan noted that the rise in bond yields while the US dollar is depreciating is an unusual and dangerous signal for global capital. Swan's remarkable analysis concluded with the following warning: “If you're selling Bitcoin right now, you're probably giving it to an institution that plans to hold it forever. You may not get it back. This isn't just the next cycle, it's the end of an era. The supply is running out. The buyers are different. The macro structure is breaking. This could be the last Bitcoin rotation.” *This is not investment advice. Continue Reading: Analysis Firm Claims We Are at a “Historic Turning Point” for Bitcoin: “It Will Never Be Like This Again”