Bitwise report finds institutions held bitcoin through crash

Bitcoin Magazine reported that senior allocators at 15 major institutions maintained their bitcoin positions during a market decline that halved crypto prices from October 2025 to April 2026.

Bitwise Asset Management conducted the study, interviewing representatives from universities, pension systems, national wealth reserves, private wealth managers, and listed firms. The findings showed that none of the surveyed entities lowered their crypto holdings during the sell-off. Multiple institutions increased their bitcoin purchases as prices fell.

Among those owning digital assets, every institution in the survey holds bitcoin as its main position. The report indicated that institutional confidence in bitcoin is uniform, whereas other tokens are held in smaller quantities as speculative technology exposures. One university fund characterized its stance as a wager on the asset reaching a $20 trillion market value over the coming five to 15 years.

A large endowment told Bitwise, “People are starting to use bitcoin as a fiat debasement trade along with gold.” An investment consultant added, “If the thesis is right, given the S-curve of adoption, selling now would be selling too early.”

Bitwise projects that most institutions will hold crypto within five years. The asset recently traded at $84,506, showing no change over 24 hours but rising nearly 7% over the last month.