The price of Bitcoin has halved since hitting an all-time high. That much is hard to ignore. But price charts tell only part of the story, according to a new report from financial services firm River.
On the surface, Bitcoin adoption across institutions, governments, banks and ordinary merchants is growing at a pace the company describes as historic, and has yet to fully show up in the price, River said.
Five countries, major banks and record institutional purchases
The government is no longer just watching from the sidelines. According to River’s report, five new nation-states will become Bitcoin holders in 2025, including the sovereign wealth funds of Luxembourg and Saudi Arabia, the central bank of the Czech Republic, and purchases by Brazil and Taiwan.
River estimates that 23 countries currently hold Bitcoin in some form, either through state-backed mining operations, asset seizures, or direct central bank exposure. This is a category of ownership that did not meaningfully exist just a few years ago.
Source: River
What kind of bear market is this?
“There is no bear market in Bitcoin adoption (…) and it is compounding in a way that does not impact the price,” River said in a report published Tuesday, noting that the top cryptocurrency asset is down 50% from its all-time high.
Source: River
On the banking side, 60% of the top U.S. banks are now actively building Bitcoin-related products for their customers. A more favorable regulatory environment in the United States has allowed banks to store Bitcoin and provide related services. Not long ago, this was virtually impossible for most regulated financial institutions.
money is flowing in
Institutional investors are also flocking. According to the report, registered investment advisors have been net buyers of Bitcoin for eight consecutive quarters and have invested approximately $1.5 billion in Bitcoin exchange-traded funds each quarter over the past two years.
BTCUSD trading at $67,732 on the 24-hour chart: TradingView
In total, the institution accumulated 829,000 BTC throughout 2025. This figure includes purchases by corporations, governments, investment funds and ETF vehicles. River pointed out that behind these institutional numbers are millions of individuals who are new to Bitcoin through retirement accounts, brokerage platforms and corporate balance sheets.
According to the study, businesses will be the single largest category of buyers in 2025. Cryptocurrency treasury companies – companies that maintain Bitcoin as a core part of their financial strategies – have driven the majority of these purchases, with adoption by that group increasing 2.5x compared to the previous year.
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