Bitwise CIO Matt Hougan revealed that institutional holdings in Bitcoin ETFs remained relatively stable despite a 50% price drop. From the launch of the Bitcoin spot ETF in January 2024 to October 2025, the ETF experienced a cumulative net inflow of approximately $60 billion. Despite the significant price decline, net outflows were under $10 billion, indicating strong institutional retention. Hougan emphasized that Bitcoin remains a "non-consensus asset," with institutional investors requiring high confidence levels before market entry, resulting in "sticky" funds during volatility. He reiterated his long-term view that if the global "store of value" market continues to grow, Bitcoin's price could reach $1 million within a decade.