The price of Bitcoin has been cut in half since reaching its peak. That much is hard to ignore. But according to a new report from financial services firm River, the price chart tells only half the story.
Under the surface, the adoption of Bitcoin by all institutions, governments, banks, and ordinary merchants has been growing at a pace that the company describes as historic – and which is not yet fully reflected in the price, says River.
5 Countries, Major Banks, and Institutional Transaction Recording
Governments are no longer just watching from the sidelines. Based on reports from the River, five new nation states became owners of Bitcoin in 2025, including sovereign wealth funds in Luxembourg and Saudi Arabia, the central bank in the Czech Republic, and purchases by Brazil and Taiwan.
River estimates that 23 states now hold Bitcoin in some form, either through government-backed mining operations, confiscation, or direct central bank exposure. That’s a category of ownership that didn’t exist a few years ago.
Source: River
What is a Bear Market?
“There is no bear market in Bitcoin adoption […] it combines in ways that don’t affect the price, however,” Mfula said in a report released on Tuesday, noting that the top crypto asset is down 50% from its highs.
Source: River
On the banking side, 60% of the top US banks are now actively developing Bitcoin-related products for their customers. The favorable regulatory climate in the US has made it possible for banks to hold Bitcoin in stock and provide related services – something that was off the table for many regulated financial institutions not long ago.
Money Comes In
Institutional investors have also been piling in. Reports say that registered investment advisors have been the biggest buyers of Bitcoin for eight consecutive quarters, placing nearly $1.5 billion in Bitcoin trading funds every quarter over the past two years.
BTCUSD trading at $67,732 on the 24-hour chart: TradingView
In total, institutions have accumulated 829,000 BTC through 2025 – a figure that includes purchases made by businesses, governments, investment funds, and ETF vehicles. River pointed out that behind those institutional numbers are millions of people getting their first exposure to Bitcoin through retirement accounts, trading platforms, and corporate balance sheets.
Businesses will be the single largest consumer segment by 2025, according to the study. Crypto treasury companies – firms that hold Bitcoin as a key part of their financial strategy – made the majority of those purchases, with acquisitions among that group growing 2.5 times compared to last year.
Featured image from Creative Fabricachart from TradingView
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