- Bitwise’s report found that none of the 15 institutional crypto holders it interviewed had sold during the bear-market drawdown.
- Bitcoin was the most widely held asset and was generally treated as a long-term store of value, while Ethereum and Solana were held with less conviction.
- Institutions said regulatory setbacks, a wider credibility crisis or a failure to prove utility could prompt them to sell or reconsider their holdings.
- Spot crypto ETFs have become a major access point for institutions, while US spot Bitcoin ETFs have recently recorded six consecutive trading days of net inflows.
As the crypto market seems to awaken from another cold winter, Bitwise has just published a report that gives some interesting insights into institutional crypto holders. It appears that not a single organisation they spoke to has sold during the approx. 50% bear-market drawdown.
The Bitwise report – authored by Chief Investment Office Matt Hougan and Head of Research Ryan Rasmussen – features info from 15 of the biggest firms, including “endowments, foundations, public pension funds, multi-family offices, investment consultants, sovereign wealth funds, and public companies”, they wrote.
Bitcoin, unsurprisingly, was universally held among the entities that held crypto at all. It was also the asset they had held the longest, bought first and usually held as their largest position. They also considered it a store of value, similar to gold, and said they wouldn’t sell based on price alone.
Bitwise said this goes against the idea that institutions are quick to sell when times are tough, basically saying the weak hands are elsewhere.
Ethereum and Solana were also widely held, but with less conviction.
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Those interviewed said they would sell if there was “a regulatory reversal, or an industry-wide credibility crisis” or a failure of Ethereum and Solana to prove their utility. Some even said they may consider investing in these two assets “if a clear application emerged on Ethereum or Solana that materially shifted where value accrues”.
According to the report, allocations remain small, with most between 1% and 2% of investable assets, while the overall range is 0.5% to 13%.
ETFs a Big Driver
It is also no surprise that spot exchange-traded funds (ETFs) have been a game-changer.
Spot crypto ETFs have changed how institutions access the asset class. Almost every institution we interviewed either uses them or plans to.
Bitwise US spot Bitcoin ETFs have had a resurgence in recent days. They have had six consecutive trading days of net inflows, hauling in US$2.8 billion (AU$4 billion), including a single trading day with US$999 million (AU$1.4 billion) – the largest since late 2025.
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