According to a new report from River, 2025 has seen a significant structural shift in Bitcoin ownership.

The data shows that:

• Institutions, corporations, and sovereign entities have been accumulating BTC
• Retail investors (“physicals”) have been net sellers

This rotation suggests a transfer of supply from weaker hands to longer-term strategic holders — a pattern historically associated with maturing market cycles.

Such structural changes may indicate:

• increasing institutionalization of Bitcoin
• reduced short-term speculative dominance
• growing perception of BTC as a macro reserve asset

For traders, ownership structure matters. When supply migrates toward entities with longer investment horizons, it can:

• reduce free float liquidity
• increase supply rigidity
• amplify upside moves during demand surges

The key takeaway: 2025 may be remembered not for volatility, but for a quiet redistribution of Bitcoin into stronger hands.