- Bitcoin’s $94K surge is powered by institutions and nations, with retail interest staying low and reshaping market dynamics dramatically.
- Governments are trimming their Bitcoin reserves, signaling a major shift in crypto strategies as institutional adoption gains serious momentum.
- El Salvador continues its daily Bitcoin purchases while the United States, China, and the UK show declining or stable crypto holdings.
Bitcoin has surged to $94,000, yet search interest remains near long-term lows, according to Hunter Horsley. Institutions, corporations, advisors, and even nations are now key players driving Bitcoin’s momentum. Changes can be seen in the search patterns from 2020 to 2024. Interest peaked in late 2020 and then gradually decreased between 2022 and 2023. By October 2024, a temporary spike occurred but quickly faded. Hence, Bitcoin’s rally has not been retail-driven, marking a major shift in market dynamics.
Moreover, governments are making moves regarding Bitcoin reserves. A CoinGecko report from April 2025 highlights that global government-held Bitcoin has dropped from 529,591 BTC in July 2024 to 463,741 BTC. Consequently, governments now hold about 2.3% of Bitcoin’s total supply. This decline signals a pivotal change in governmental strategies toward crypto assets.
United States and China Lead Bitcoin Holdings
The United States currently holds the largest government Bitcoin reserve, with 198,012 BTC. This marks a decline from July 2024 levels due to asset liquidations. Significantly, despite harsh crypto regulations, China still holds 194,000 BTC. Most of China’s Bitcoins originated from seizures linked to the 2019 PlusToken Ponzi scheme. Besides, China’s reserve figure has remained constant over the past year.
Additionally, the United Kingdom follows with 61,000 BTC. These assets were also acquired through criminal seizures. The UK’s holdings have not changed recently, indicating a stable approach to its crypto strategy. Bhutan comes next, with 8,594 BTC sourced mainly through mining activities. Hence, Bhutan differs from other nations relying heavily on confiscations.
El Salvador Strengthens Its Bitcoin Position
Meanwhile, President Nayib Bukele’s aggressive Bitcoin acquisition program is still in place in El Salvador. The nation now has 6,135 BTC in reserve. El Salvador has further demonstrated its dedication to Bitcoin adoption by continuously buying one Bitcoin every day.
However, while some countries increase their holdings, the general trend shows governments reducing their Bitcoin reserves. This evolution highlights an interesting phase in Bitcoin’s institutional journey. Besides, the investor base expanding beyond traditional sectors underlines Bitcoin’s strengthening foundation.
