Bitcoin Gains Global Ground Despite Stagnant Valuation

Bitcoin shows bold strength in adoption. Institutions, banks, states, merchants, everyone is getting into BTC. Yet, its price remains 50% below its all-time high. A troubling dichotomy that raises an essential question: is the market underestimating what is really happening?

Adoption That Knows No Bear Market

In a report published this Tuesday, the American financial services company River presents a surprising observation. Despite a bitcoin price halved since its October peak, adoption has never been stronger. Bitcoin adoption is not in a bear market phase, River says straightforwardly.

The numbers speak for themselves. In 2025, institutions have accumulated 829,000 BTC through ETFs, sovereign funds, company balance sheets, and governmental purchases. Registered investment advisors have been net buyers of bitcoin for eight consecutive quarters, investing an average of $1.5 billion per quarter in Bitcoin ETFs. 

Moreover, these are not mere speculators: these actors manage the savings of millions of Americans who are discovering bitcoin for the first time via their retirement plans or brokerage accounts.

On the corporate side, the movement has accelerated. Crypto treasury management companies, modeled on Strategy, have multiplied their purchases by 2.5 times in one year. And 60% of major American banks are now working on Bitcoin products, a turning point made possible by the new regulatory framework implemented since Trump’s arrival at the White House.

Merchants, States, and Volatility, Bitcoin Enters a New Era

Adoption is not limited to Wall Street. The number of American companies accepting bitcoin as a payment method simply tripled in 2025. Globally, the use of BTC as a payment currency increased by 74%. 

On the Lightning Network, transactions soared 300%, reaching more than $1.1 billion in monthly volume.

States are also joining the dance. Five nations acquired bitcoin in 2025: Luxembourg, Saudi Arabia (via their sovereign funds), the Czech Central Bank, Brazil, and Taiwan. 

Overall, River estimates that 23 nation-states now hold BTC, whether through state mining, legal seizures, or direct exposure of their central banks.

Another strong signal: bitcoin volatility is declining. It is now approaching that of gold and the S&P 500, something unthinkable five years ago. 

“As volatility falls, the hurdle for more risk-averse investors declines,” notes River.

This fundamental picture coincides with a silent tightening of supply: bitcoin reserves on exchanges have dropped by 500,000 BTC in one year, and apparent on-chain demand has just turned positive again for the first time in three months.

In sum, the price will eventually reflect reality. BTC adoption today rivals that of the early days of the Internet, according to River. When institutional capital, mass payments, and regulatory maturity converge this way, history shows one element is still missing from the equation: time.