Ignoring price noise, Bitcoin adoption has fully bloomed Despite a 50% drop in Bitcoin prices from historical highs, its popularity continues to grow, although it is not reflected in the price. The following 8 adoption trends may surprise you. Institutions are buying Bitcoin at a record pace by 2025, with various types of institutions increasing their holdings by 829000 Bitcoin, including enterprises, governments, funds, and ETFs. Importantly, these institutions represent millions of ordinary investors who have first encountered Bitcoin through brokerage accounts, pension funds, sovereign funds, and corporate balance sheets. Who sold Bitcoin to them? The selling orders in 2025 mainly come from long-term holders and giant whales, who completed their positions many years ago and are now gradually selling in deeper and more liquid markets. If this trend continues, institutions may hold most of the circulating Bitcoin within ten years, but currently individuals still control about two-thirds of the supply. They ultimately determined the marginal price at which the institution could build a warehouse. Institutional entry does not replace individual ownership, but expands the entry point of the entire market. Many ETF holders today will become self custodial users in the future. Investment advisors have made net purchases for 8 consecutive quarters. Registered Investment Advisors (RIAs) are the world's largest investor group, managing approximately $146 trillion in client assets. Since the launch of the Bitcoin ETF in 2024, they have only just begun to allocate. Even in the early stages, their behavior was very positive: in the past two years, RIA has invested approximately $1.5 billion in Bitcoin ETFs every quarter without any net selling quarters. The adoption of Bitcoin by RIAs is very common: 29 out of the top 30 RIAs in the United States have allocated Bitcoin, but the average position is extremely low, only 0.008%. 60% of top US banks are building Bitcoin products. After the regulatory environment in the US warms up, banks can now host Bitcoin and provide Bitcoin products to customers. The adoption rate of listed companies will increase by 2.5 times by 2025, and enterprises will become the largest buyers of Bitcoin, mainly from cryptocurrency treasury companies. In addition to specialized cryptocurrency treasury companies, a large number of large enterprises are also quietly and slightly increasing their holdings of Bitcoin. This type of enterprise is expected to be widely adopted in the S&P 500 constituent stocks in the coming years. Merchant adoption rate is expected to increase by 74% by 2025, with the number of businesses in the United States accepting Bitcoin payments tripling and global usage increasing by 74%. Companies including SteaknShake have proven that Bitcoin payments can reduce transaction costs and increase profits. These companies are mostly small and medium-sized enterprises and will not publicly disclose their Bitcoin strategies. River serves over 3000 companies from various industries, witnessing firsthand the fastest adoption growth among small private companies. The Lightning Network is expected to grow by 300% by 2025. It is estimated that the monthly transaction volume of the Lightning Network has exceeded 1.1 billion US dollars. The growth mainly comes from the natural adoption of exchanges and merchants. By 2025, 5 new sovereign countries will hold Bitcoin, and 5 more countries will become Bitcoin holders, including 2 sovereign wealth funds (Luxembourg, Saudi Arabia) and 1 central bank (Czech Central Bank). These countries purchase directly through official mining, central banks/funds ETF、 Obtaining Bitcoin through donation, confiscation, hacker recovery, and other means. In addition, since Afghanistan in 2022, no country has banned Bitcoin for four years. Obviously, embracing Bitcoin is in the best interest of all countries. Bitcoin is no longer 'volatile'. Bitcoin has continued its decade long downward trend in volatility and is approaching the levels of gold and the S&P 500. Why is this important? It marks that Bitcoin is being seen as a mature asset class. The lower the volatility, the lower the entry threshold for risk averse funds. In the long run, this will open up a larger pool of funds. The previous bull market has proven that Bitcoin has attracted more funds in the past three years than the total historical amount. Despite the weak performance of Bitcoin prices over the past year, the use of curves tells a completely different story. The current adoption will not cause prices to skyrocket tenfold overnight, but in many ways, it is more meaningful. Every year, individuals, businesses, institutions, and sovereign states deepen their trust in Bitcoin as it continues to prove itself as the world's only scarce and immutable digital currency. We expect that the adoption of Bitcoin in the coming years will not only continue the current trend, but also significantly accelerate.