Institutions Watched Bitcoin Fall 50%: Yet None of 15 Bitwise Surveyed Investors Cut Exposure

The survey shows that institutions have not backed away from crypto, even as they remain picky about what they buy.

Institutional investors are keeping their crypto exposure steady despite the intense turmoil between Q4 2025 and Q2 2026, according to a survey by Bitwise.

The firm interviewed 15 institutions and found that none cut their allocation during a period when the market fell by about 50%.

Bitcoin Is the Institutional Favorite

Crypto allocations remain relatively small across the portfolios surveyed and range from 0.5% to 13% of investable assets. Most institutions hold between 1% and 2%. Their exposure is spread across ETFs, direct crypto holdings, venture capital, and hedge funds. The survey found that institutions are not stepping away from crypto. Some are maintaining their current targets, while others are still working toward higher allocations.

Several investors are also moving away from illiquid private placements. Some are even adding market-neutral strategies to reduce volatility and make crypto investments easier to approve internally. Bitwise said the debate is increasingly focused on how much crypto to hold and which investment vehicles to use, rather than whether to invest at all.