Financial services company River released its annual Bitcoin adoption report on Tuesday, highlighting that despite BTC prices dropping over 50% from all-time highs, institutional, banking, merchant, and sovereign government adoption of Bitcoin continues to grow significantly across the board in 2025. The report clearly states: “Bitcoin’s mainstream adoption has not entered a bear market,” emphasizing that the growth in adoption speed and breadth has far exceeded market expectations based on price movements, solidifying Bitcoin’s position as a mature global asset class.
Institutional Funds Continue to Flow In: Eight Consecutive Quarters of Record Net Purchases
(Source: BitcoinTreasuries)
As of 2025, institutional holdings of Bitcoin have reached 829,000 BTC, including corporate treasuries, sovereign wealth funds, fund institutions, and ETFs. U.S.-registered investment advisors (RIAs) have maintained net Bitcoin purchases for eight consecutive quarters, investing an average of about $1.5 billion per quarter into Bitcoin ETFs over the past two years. River notes that these institutions represent “millions of underlying individual investors,” enabling them to gain exposure to Bitcoin through retirement plans, sovereign funds, and corporate balance sheets for the first time.
Key Bitcoin Adoption Data for 2025
Corporate Finance: Cryptocurrency financial companies’ Bitcoin adoption has increased 2.5 times year-over-year, making corporations the largest single buyer category in 2025.
Banking Sector: The top 60% of large U.S. banks are developing Bitcoin-related products and custody services.
New Sovereign Holders: Luxembourg, Saudi Arabia’s sovereign wealth funds, the Czech National Bank, and five other regions including Brazil and Taiwan have become Bitcoin holders.
National-Level Holdings: An estimated 23 countries hold Bitcoin through state-backed mining, confiscation, or central bank channels.
Payment Scene Explodes: Lightning Network Monthly Transaction Volume Surpasses $1.1 Billion
The practical use of Bitcoin as a payment tool has accelerated noticeably in 2025. The number of U.S. companies accepting Bitcoin payments has doubled, and overall global Bitcoin usage has grown by 74%.
Data from the Lightning Network is particularly striking: in 2025, payment transactions grew by 300%, with River estimating monthly transaction volume surpassing $1.1 billion. As a second-layer payment protocol for Bitcoin, the Lightning Network enables real-time, low-cost payments. This data indicates that Bitcoin’s payment infrastructure is moving from proof-of-concept to scaled application.
Volatility Converges: Moving Toward a Mature Asset Class
(Source: River)
Another core finding in the River report is the ongoing decline in Bitcoin’s volatility. Data shows that Bitcoin’s price volatility is gradually converging toward the historical volatility levels of gold and the S&P 500. The report states: “As volatility decreases, the entry barriers for risk-averse investors also lower, opening the floodgates for more capital to flow into Bitcoin in the long term.”
River believes that Bitcoin is transitioning from an early high-risk speculative asset to a globally recognized store of value, with trust growth surpassing that of any other asset class in history.
Frequently Asked Questions
What does “Bitcoin adoption has not entered a bear market” in the River report specifically mean?
River points out that despite Bitcoin prices falling over 50% from all-time highs, key indicators such as institutional holdings, merchant acceptance, sovereign adoption, and Lightning Network usage continue to rise. This shows that Bitcoin’s fundamental growth has significantly decoupled from market price fluctuations.
What are the main breakthroughs in Bitcoin institutional adoption in 2025?
According to the River report, institutional holdings have reached 829,000 BTC, 60% of large U.S. banks are developing Bitcoin products, five new sovereign entities (including Saudi Arabia’s sovereign wealth fund and the Czech Central Bank) have joined as holders, and corporate finance adoption has increased 2.5 times annually.
What does the rapid growth of the Lightning Network mean for Bitcoin?
The Lightning Network’s payment volume grew by 300% in 2025, with monthly transactions surpassing $1.1 billion, indicating that Bitcoin is expanding from a “digital gold” holding logic to actual payment scenarios. The scaling of the Lightning Network is an important indicator of Bitcoin’s maturity as a global payment infrastructure.
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