None of the 15 major institutions surveyed by Bitwise sold their Bitcoin holdings during the asset's decline from $125,000 to $60,000, with several increasing their positions. The survey participants, including pension funds, endowments, foundations, and sovereign wealth funds, view Bitcoin primarily as a hedge against fiat currency devaluation rather than a speculative asset. Current allocations range from 2% to 8%, with Wells Fargo maintaining approximately 2%–3% exposure, while some sovereign wealth funds are actively shifting capital from gold into Bitcoin.
Bitwise attributes this institutional resilience to spot ETFs broadening capital entry points, resulting in a smaller drawdown compared to previous market cycles. Single-week ETF inflows recently reached $2.5 billion, supporting the firm's assessment that $60,000 may represent the cycle bottom for BTC. Head of Research Ryan Rasmussen noted that these long-term investors remain committed to Bitcoin's structural role in portfolios despite significant short-term price volatility.
Bitwise: 15 Major Institutions Held or Increased Bitcoin During Price Drop to $60,000
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