No Institution Cut Its Crypto Allocation Through the 50% Drawdown, Bitwise Survey Finds

None of the 15 large institutions interviewed by Bitwise reduced its crypto allocation during the roughly 50% market drawdown between the fourth quarter of 2025 and the second quarter of 2026, and several added to their positions, according to the asset manager's first Institutional Crypto Adoption Report.

The report, written by chief investment officer Matt Hougan and head of research Ryan Rasmussen, draws on interviews conducted in March and April with endowments, foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants and public companies managing anywhere from hundreds of millions to tens of billions of dollars.

Every institution that holds crypto holds bitcoin, and for nearly all of them it was the first, largest and longest-held position. Allocators that weight their holdings by market capitalisation keep roughly 80% of their crypto exposure in bitcoin. Most now frame the asset alongside gold as a store of value. "People are starting to use bitcoin as a fiat debasement trade along with gold," one large endowment told Bitwise, and one sovereign wealth fund said it was funding its crypto allocation by selling foreign exchange and gold reserves.