Bitwise says 15 institutions held BTC through 52% drop, with many buying more

Major institutional investors did not sell even as Bitcoin fell from $125,000 to $60,000, and many increased their holdings instead, Bitwise research analyst Ryan Rasmussen said in an institutional crypto adoption report. Among 15 major institutions interviewed, none sold during Bitcoin’s price decline, while a significant number added to holdings, Rasmussen said. He added that these institutions tend to view Bitcoin not as an asset for betting on short-term price swings, but as a hedge against fiat currency debasement alongside gold. Some sovereign wealth funds are also reducing gold allocations and shifting those funds into Bitcoin, he said. The survey included pension funds, university endowments, foundations and sovereign wealth funds.