The price of Bitcoin has halved since hitting an all-time high. It’s hard to ignore that much. But price charts are only part of the story, according to a new report from financial services firm River.
Behind the scenes, Bitcoin’s adoption by institutions, governments, banks, and everyday merchants is growing at a pace the company describes as historic, but it’s not yet fully reflected in the price, River said.
Record of purchases by 5 countries, major banks and institutional investors
Governments can no longer just sit on the sidelines. According to a report by River, five new nation-states became 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 nation-states currently hold Bitcoin in some form, whether through state-sponsored mining operations, asset seizures, or direct central bank exposure. This is a category of ownership that didn’t exist in any meaningful way just a few years ago.
Source: River
What is a bear market?
“There is no bear market in Bitcoin adoption (…) it is deteriorating in a way that has not yet affected the price,” River said in a report published on Tuesday, noting that the top crypto asset is down 50% from its all-time high.
Source: River
On the banking side, 60% of large US banks are currently actively developing Bitcoin-related products for their customers. A more favorable regulatory environment in the US allows banks to store Bitcoin and provide related services. This was virtually impossible for most regulated financial institutions not so long ago.
money flowing in
Institutional investors are also entering the market one after another. Registered investment advisers have been net buyers of Bitcoin for eight consecutive quarters and have poured about $1.5 billion into Bitcoin exchange-traded funds each quarter for the past two years, according to the report.
BTCUSD trading at $67,732 on the 24-hour chart: TradingView
Throughout 2025, institutions accumulated a total of 829,000 BTC. This figure includes purchases by corporations, governments, investment funds, and ETF vehicles. River pointed out that behind these institutions’ numbers are millions of individuals who are exposed to Bitcoin for the first time through retirement accounts, brokerage platforms, and corporate balance sheets.
According to the study, the single largest buyer category in 2025 was businesses. Cryptocurrency treasury companies (those that hold Bitcoin as a core part of their financial strategy) drove the majority of these purchases, with adoption among that group increasing 2.5x year-on-year.
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