Zero Institutional Sellers Despite 50% Crypto Crash, Bitwise Survey Finds

Despite the crypto market losing roughly half its value in six months, not a single major institutional investor globally reduced its allocation. The finding comes from a survey report published on the 23rd by U.S. crypto asset manager Bitwise, which revealed that several institutions actually viewed the downturn as a buying opportunity.

The report, titled "Institutional Crypto Adoption," was compiled from interviews conducted between late March and April 2026 with investment chiefs at 15 institutions, including university endowments, foundations, public pension funds, sovereign wealth funds, multi-family offices, investment consultants, and publicly listed companies. Assets under management ranged from hundreds of millions to tens of billions of dollars, with interviews conducted in 30- to 60-minute sessions.

Although the crypto market fell approximately 50% from October 2025 to April 2026, no institution reduced its allocation. None cited price levels as a trigger for selling; instead, they contemplated scenarios where the investment thesis itself would break down, such as regulatory reversals or an industry-wide credit crisis.

Bitcoin at the Core, ETFs Stand Out

Every institution holding crypto assets included Bitcoin (BTC) without exception. For nearly all of them, it was the first asset purchased and boasts the largest position with the longest holding period. Many position it as a store of value, pairing it with gold to hedge against fiat currency debasement. One sovereign wealth fund sold a portion of its foreign exchange and gold reserves to fund its crypto allocation.