Bitcoin (BTC) continued its downward trajectory in February, trading at $64,492, nearly 50% below its early October all-time high (ATH) price.
Yet, price action tells only part of the story. According to River, Bitcoin adoption accelerated last year, with institutions, banks, merchants, public companies, and even nation-states increasing their exposure.
BeInCrypto recently reported that the crypto market has slipped into extreme fear, with retail investors growing increasingly pessimistic about Bitcoin's price. This sentiment is reflected in a surge of “Bitcoin going to zero” searches, which recently reached an all-time high.
The price drawdown has also weighed on institutional participants. Crypto hedge funds have pulled back from the market.
Moreover, recent disclosures show that in Q4 2025, institutional investors also trimmed their Bitcoin exchange-traded fund (ETF) exposure.
However, when viewed from a broader perspective, the long-term adoption trajectory remains constructive. In a recent market report, River highlighted that the largest cryptocurrency’s adoption surged in 2025.
According to River, institutions collectively added approximately 829,000 BTC in 2025. This figure includes purchases from businesses, governments, funds, and ETFs.
Registered investment advisors allocated close to $1.5 billion per quarter into Bitcoin ETFs over the past two years. Notably, none of those quarters recorded net outflows.
Although exposure among RIAs is widespread, with 29 of the 30 largest US firms holding positions, portfolio allocations remain minimal, averaging 0.008%.
Businesses emerged as the largest buyers in 2025. They added $54 billion worth of Bitcoin to their balance sheets during the year.
Bitcoin treasury companies account for the majority of corporate holdings, collectively controlling 866,000 BTC. At the same time, the number of publicly listed firms with Bitcoin holdings rose to 194.