Bitcoin BTC/USD has surged 22% over the past month, and according to Bitcoin financial services firm Swan, this isn't just another rally, it marks the emergence of a new market structure.

What Happened: In an X post on May 12, the company emphasized that the current move is fueled by a new class of buyers: corporate treasuries, sovereign entities and capital-constrained institutions.

Companies like Strive, 21Shares and BTC Inc are actively preparing acquisition vehicles. Strategy MSTR now has $84 billion in shelf registration capacity to tap markets creatively.

Meanwhile, sovereign players are entering quietly and shifts in government policy, such as New Hampshire exploring Bitcoin reserves and Spain capping cash withdrawals, underscore the changing global financial landscape.

Also Read: Scottie Pippen Declares ‘Altcoin Season’ As Ethereum, XRP, Dogecoin, Shiba Inu Rally

Why It Matters: Swan argues that Bitcoin is no longer being bought to "get rich," but to protect wealth, signaling a narrative shift from speculation to sovereignty.

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This evolution, they say, lays the foundation for a more durable price floor, underpinned by corporate, governmental,and family-office accumulation.

While the S&P 500 and Nasdaq posted monthly gains of 8% and 11%, respectively, Bitcoin's outperformance and rising divergence suggest a decoupling is underway, a major milestone for the asset.

Favorable macro conditions like rising liquidity, a more cautious Fed, easing trade tensions, and pro-growth rhetoric from Trump are providing additional tailwinds.

On-chain data supports this trend: According to BitInfoCharts, the number of addresses holding 100 to 1,000 BTC grew from 15,913 to 16,054 since April 13, pointing to steady mid-level accumulation.

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