Bitcoin has become one of the most discussed investment assets in recent years. While its price has dropped significantly after reaching a peak in October and is currently approximately 50% lower, adoption according to a new report by financial company River is continuing at record pace. This very contradiction – weaker price, but stronger real-world usage – is one of the most important topics in the crypto market today.
River states in its report that bitcoin is gradually and definitively shifting into the category of a mature asset class. “There is no bear market in bitcoin adoption,” the company concludes. In other words, while price reacts to short-term factors, real-world usage and trust grow long-term and cumulatively.
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Institutions Accumulating Hundreds of Thousands of Bitcoins
According to River’s data, 2025 was crucial primarily from the perspective of institutional purchases. Institutions – including companies, funds, governments, and ETFs – collectively purchased approximately 829,000 BTC.
Registered investment advisors play a significant role, having purchased bitcoin consistently for eight consecutive quarters. Roughly 1.5 billion dollars flowed into bitcoin ETFs quarterly over the past two years, according to River.
It is important to note that these investments are backed by millions of individual investors. They gain exposure to bitcoin through brokerage accounts, pension plans, sovereign wealth funds, and corporate balance sheets. Bitcoin is thus gradually reaching ordinary investors through channels other than direct cryptocurrency purchases.
The banking sector is simultaneously catching up rapidly. According to River, 60% of the largest American banks are now preparing bitcoin products. U.S. regulations allow banks to hold bitcoin in custody and offer services to clients, which is a fundamental shift compared to the past.
Companies themselves were the largest buyers in 2025. So-called crypto treasury companies played a key role, with their adoption increasing 2.5× year-over-year.
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Payments and Real-World Usage Growing Significantly
Beyond investment demand, practical use of bitcoin is also growing. The number of American merchants accepting bitcoin tripled in 2025, and global payment usage increased by 74%.
The Lightning Network saw significant growth. The volume of bitcoin payments through this second layer increased by 300%, and the network today processes more than 1.1 billion dollars monthly according to River’s estimates.
Lightning is crucial for adoption precisely because it solves bitcoin’s long-standing problem of transaction speed and cost. Growing usage suggests that bitcoin is gradually shifting toward everyday payments, not just store of value.
Countries Are Buying Bitcoin Too. Now Including the Czech Republic
Adoption is not limited to companies and investors. In 2025, five countries became new bitcoin holders according to River.
These are specifically Brazil, Taiwan, and purchases through sovereign wealth funds in Luxembourg and Saudi Arabia. Bitcoin has also been purchased by the Czech National Bank.
Overall, River estimates that 23 countries hold bitcoin – whether through state mining, seized assets, or exposure via central banks.
This trend is crucial for the market. Government adoption has long been among the factors that can influence the perception of bitcoin as a strategic asset.
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Volatility Declining, Bitcoin Maturing
The report also highlights another structural change: declining volatility. According to River, it is gradually approaching the levels of gold or the S&P 500 index.
Lower volatility means a lower barrier for more conservative investors who previously viewed bitcoin as too risky. Gradual calming of price swings could thus open doors to larger capital volumes.
River also emphasizes that bitcoin is built primarily on trust. According to the company, it is the “only rare and non-corruptible form of digital money,” a narrative that supports adoption in the long term.
Price Isn’t Everything
The current situation demonstrates a paradox typical of the crypto market. Bitcoin’s price may stagnate or decline in the short term, while infrastructure, institutional involvement, and real-world usage continue to grow.
According to analysts, this difference is key to understanding the current market phase. Bitcoin is gradually shifting from an experiment into a standard component of the financial system, and adoption may be a more important indicator than price itself.
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