The Bitcoin Layer Individual Ownership Peaked in 2024 and What Comes Next for Bitcoin
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Feb 24, 2026 Sam Baker, researcher at River and author of their Bitcoin adoption report, breaks down shifting ownership trends. He covers why individual ownership likely peaked in 2024 and how ETFs, RIAs, sovereigns, and businesses reshaped adoption. Conversations highlight institutional flows, business treasury accumulation, and what ownership distribution implies for the decade ahead.
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Adoption Grew Despite The 2025 Bear Market
- Bitcoin adoption continued to rise in 2025 despite a prolonged price bear market.
- River's metrics show institutional products, VC funding, and on-chain activity all grew rather than tracked price downwards.
ETFs Scaled Retail Access Rapidly
- Bitcoin ETFs dramatically expanded retail access, with River estimating 15–50 million Americans have ETF exposure.
- ETF holdings (~1.5M BTC) are large enough that ETF retail ownership roughly equals or exceeds spot retail holdings.
RIAs Are Slowly Adding But Are Vastly Underallocated
- Registered Investment Advisors (RIAs) steadily increased ETF allocations while other ETF holders (retail/hedge funds) caused aggregate volatility.
- RIAs manage ~$146T but only added about $1–1.5B per quarter, indicating large future inflows if allocations rise.