Bitcoin Rallies from $15K to $124K — Retail Investors Yet to Join

Key points:

• Bitcoin rallied 8x from $15K in 2022 to $124K in 2025.
• Institutions now hold 312,144 BTC across ETFs and reserves.
• $111K realized price is the critical support for market confidence.

Bitcoin has climbed from its late 2022 lows near $15,000 to about $124,000 in 2025. Despite this 8x increase, retail-driven social activity remains muted compared to past cycles.

Data from Into The Cryptoverse shows that total social risk including YouTube, Twitter, and exchange mentions is historically low. In 2017 and 2021, spikes in social activity coincided with major market tops, yet retail interest is not present today.

This divergence suggests institutional buyers are driving the current rally while retail investors have not entered in large numbers. The pattern indicates Bitcoin could still have room to climb before retail enthusiasm marks a peak.

Institutions Increase Holdings Through ETFs and Direct Reserves

Bloomberg Intelligence reported that investment advisors now hold $17.42 billion in Bitcoin ETFs, equal to 161,909 BTC. This represents an increase of 37,156 BTC during the second quarter.

Hedge funds follow with $9.03 billion, representing 83,994 BTC, while brokerages added $4.29 billion, or 39,875 BTC. Banks, governments, and private equity firms also expanded exposure, collectively raising institutional holdings to 312,144 BTC.

Public companies added 4,330 BTC this week, bringing total corporate reserves to 988,271 BTC. Major holders include MicroStrategy with 226,857 BTC, Marathon Digital with 88,657 BTC, and Tesla with 9,720 BTC.

These additions show institutions continue to accumulate Bitcoin, which now accounts for nearly 4.7% of the total supply. This sustained demand underscores the growing role of large investors in supporting higher market levels.

Market Risks Center on the $111K Realized Price

Glassnode data highlights Bitcoin’s realized price by age cohort against the current spot price. The market is now trading slightly above $111,000.

This level marks the average cost basis of buyers from the May–July rally. Holding above it keeps those investors in profit and sustains market confidence.

If Bitcoin falls below this threshold, many of these recent buyers will be underwater. Historically, such breaks have triggered panic selling and prolonged downturns.

Past cycles show that losing realized price often results in weeks or months of weaker performance. Maintaining support above $111,000 remains critical for preserving bullish momentum.