Four percent of the world's population currently owns Bitcoin, according to research from financial services firm River. With a market capitalization of $1.4 trillion and a total addressable market River estimates at roughly $225 trillion, the room for expansion is significant.
Institutional capital drove Bitcoin demand through 2025. Banks, governments, hedge funds and other financial firms expanded their holdings while individual investors posted net outflows of approximately $300 million.
Hedge funds increased their Bitcoin holdings by $7 billion through 2025, bringing their collective positions to $19.9 billion—a clear signal of growing conviction in the asset.
Grayscale expects adoption to continue, pointing to demand for scarce assets, deeper integration of blockchain technology and generational shifts in portfolio construction as catalysts for new capital entering crypto.
Corporate treasuries are also moving in. Grayscale projects SpaceX will become the largest diversified public company holder of Bitcoin, with an estimated 18,712 BTC following its June initial public offering.
Approximately 95 percent of Bitcoin's 21 million total coins have already been mined. The next halving is projected for April 2028, when daily mining rewards will be cut again, tightening supply further as demand rises.
River's research found that Bitcoin adoption accelerated even during price declines, suggesting accumulation is being driven by fundamental demand rather than short-term price momentum.
Regulatory clarity remains a factor. Grayscale anticipates clearer frameworks through 2026 will support Bitcoin's role as a store of value.
Bitcoin trades at $63,509. Institutions are accumulating, supply is capped, and the next halving is less than three years out—leaving fewer available coins for the capital competing to own them.
