Bitwise CEO: Bitcoin’s $94,000 Rally Driven by Institutions Amid Low Retail Interest

Bitcoin (BTC) has surged to $94,000 as of April 28, 2025, yet a key indicator suggests this rally differs from past cycles: Google search volume for “Bitcoin” remains near historic lows. According to Hunter Horsley, CEO of Bitwise Asset Management, this disconnect points to a fundamental shift in the forces propelling the cryptocurrency’s price. Unlike previous bull runs fueled by retail enthusiasm, Horsley attributes the current momentum to a diverse mix of institutional investors, financial advisors, corporations, and even nation-states.

Horsley: Institutions Drive Rally

The subdued Google search volume for Bitcoin contrasts sharply with the retail frenzy of 2021, when searches peaked alongside a climb to $63,500. Horsley sees this as evidence of a maturing market. In a post on X dated April 28, Horsley noted, “Institutions, advisors, corporates, and nations have come into the space. The types of investors buying Bitcoin is expanding.” He argues that the current price dynamics are driven not by retail traders chasing hype, but by sophisticated players entering the market.

Institutional Adoption Data

Data from BitcoinTreasuries supports this view with a clear trend of growing institutional and entity involvement in Bitcoin in 2025. As of April 28, 2025, the total BTC held by entities—encompassing companies, exchanges, custodians, smart contracts, governments, ETFs, and other funds—has risen from 2,957,252 at the start of the year to 3,219,629. This represents 16.21% of Bitcoin’s current circulating supply, a notable uptick signaling broader adoption across diverse sectors.

Breaking it down, private companies have increased their BTC holdings by 6.24% in 2025, while exchanges and custodians saw a 12.45% rise. Public companies lead the pack with a 23.5% growth in their Bitcoin reserves over the same period. MicroStrategy, the largest corporate holder, now owns over 538,200 BTC, a figure that has grown steadily since its initial purchases in 2020, setting a benchmark for corporate treasury strategies. According to BitcoinTreasuries, in the past 30 days alone, 5 new entities have joined the ranks of BTC holders, with BTC in Treasuries increased by 3.16%.

Source: BitcoinTreasuries

Government Bitcoin Holdings Grow

Government involvement is also on the rise. The U.S. government currently holds 198,012 BTC. After Trump established a Strategic Bitcoin Reserve in March, several U.S. states are advancing legislation to establish their own BTC strategic reserves, suggesting that government-held Bitcoin could climb further in the coming months.

In a separate X post, Horsley offered a philosophical take on Bitcoin’s trajectory, suggesting its true power lies beyond its technical or financial attributes. “The most powerful aspect of Bitcoin is often overlooked,” he wrote. “Some people think the world and business outcomes are pre-ordained. Like darwinian evolution, that natural forces will determine the course. This is just not the case. The world around us is the result of the will of people.” He pointed to the estimated 100 million people globally who actively support Bitcoin’s success, arguing that betting on BTC is less about its proof-of-work mechanism or store-of-value proposition and more about the “relentless will” of this growing community.