Institutions Did Not Sell Cryptocurrency During the Downturn: Bitwise Survey Results

• Bitwise conducted 15 interviews with crypto investment professionals.
• Every surveyed organization that holds crypto assets holds bitcoin — there is no single consensus on Ethereum and Solana.
• During the 50% crypto market drawdown from October 2025 to April 2026, no institution reduced its allocation — some increased their positions.

According to a Bitwise study conducted among 15 wealth managers (overseeing from hundreds of millions to tens of billions of dollars), none of the surveyed organizations reduced their crypto allocations during the market’s 50% decline from October 2025 to April 2026, and some even increased their positions. 

Bitwise called bitcoin the only crypto asset with a durable consensus among respondents. Every organization that owns crypto holds the first cryptocurrency. For nearly all participants, it was the first crypto asset they bought, their largest position, and the asset with the longest holding period.

In addition, most respondents view bitcoin as a store of value with upside potential and compare it to gold, particularly in the context of the risk of fiat currency debasement.

In some cases, institutions build a crypto portfolio based on assets’ market capitalization. In such portfolios, bitcoin accounts for about 80%. At the same time, most participants hold the first cryptocurrency as a standalone position.