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Institutions kept crypto during 50% drawdown, Bitwise finds

In Bitwise’s survey of 15 institutions, none cut holdings due to price declines, citing potential regulatory or thesis breakdown instead.

Reported · Written up by our desk · Market Structure

Asset manager Bitwise, via its Institutional Crypto Adoption Report, found that none of the 15 institutions it interviewed reduced their crypto allocations during a market drawdown of roughly 50%, even as prices fell.

According to Cointelegraph, each institution that owned crypto held Bitcoin, typically as the largest and longest-held position, while Ether and Solana were smaller bets with shorter horizons. The interviews were conducted in late March and April amid a decline that began in October 2025.

When asked what would prompt selling, respondents did not point to falling prices. Instead, they cited risks such as a regulatory reversal, an industry-wide credibility crisis, or failure of their investment thesis, with some saying they could exit Ether or Solana if network use growth does not translate into token benefits.

The report also described crypto allocations ranging from 0.5% to 13% of investable assets, most commonly between 1% and 2%. Cointelegraph added that nearly every institution interviewed used spot crypto exchange-traded funds or planned to, with some shifting from private placements or direct custody toward ETFs.

Latest closeBitcoin $83,589.96 ▼0.9%|Solana $113.35 ▼1.4%

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