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River: Bitcoin Adoption Surged in 2025 Despite 50% Price Pullback
- Institutional, corporate and sovereign buyers expanded Bitcoin exposure in 2025 despite a steep market retracement.
- Eight straight quarters of ETF inflows from US advisers underline sustained structural demand.
- River argues adoption breadth is widening even as price performance lags historical highs.
Bitcoin traded at US$64,492 (AU$90,289) in February, almost 50% below its early October all-time high, even as adoption trends strengthened, according to River.
There is no bear market in Bitcoin adoption. Bitcoin is down 50% from all-time highs, but adoption is compounding in ways that aren’t affecting the price, yet.
River River reported that institutions accumulated approximately 829,000 BTC in 2025, spanning purchases by businesses, governments, funds and ETFs. It added that institutional holdings reached 829,000 BTC overall. The report said these entities represent “millions of underlying individual investors” accessing Bitcoin via retirement plans, sovereign funds and corporate balance sheets.
Related: Anchored in the Past: Why Investors Are Missing Crypto’s Biggest Opportunity
Adoption Broadens Across Financial Channels
Registered investment advisers allocated about US$1.5 billion (AU$2.1 billion) per quarter into Bitcoin ETFs over the past two years, recording eight consecutive quarters without net outflows. Despite widespread exposure across 29 of the 30 largest US firms, average allocations remain just 0.008%.
Businesses were identified as the largest buyer cohort in 2025, adding US$54 billion (AU$75.6 billion) in Bitcoin to balance sheets. Corporate adoption increased 2.5 times year-on-year.
At the sovereign level, five nations became new holders, including Luxembourg, Saudi Arabia’s sovereign wealth fund and the Czech Republic’s central bank, bringing the total to 23 countries.
River concluded that “Bitcoin’s mainstream adoption has not entered a bear market,” arguing that integration across institutions, banks and merchants continues despite weaker price performance.
Related: Crypto Fallout Turns Toxic: South Korean Investor Charged in Poisoned Coffee Plot
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
