Bitwise: Institutional investors did not sell crypto even during the 50% market downturn.

Bitwise published a study on how the largest institutional investors are engaging with cryptocurrencies. The study involved 15 major organizations, including pension and sovereign funds, endowments, family offices, and public companies.

Key findings:

• No surveyed investor reduced their cryptocurrency holdings during the market downturn—roughly a 50% drop from the fourth quarter of 2025 to the second quarter of 2026. Some even increased their positions.
• Bitcoin remains the primary institutional crypto asset: all study participants who hold cryptocurrencies own BTC. It is most often viewed as a store of value and a hedge against the devaluation of fiat currencies.
• Ethereum and Solana make up a smaller share of portfolios. Investors see them as riskier bets and are prepared to exit positions if they don't witness real growth in network usage over the coming years.
• The share of cryptocurrencies in portfolios ranges from 0.5% to 13%, though for most it’s around 1–2%.
• Almost all respondents already use spot crypto ETFs or plan to start doing so; the main advantage cited is simpler infrastructure and lower operational costs.

Bitwise believes that within the next five years, cryptocurrencies will appear in the portfolios of most institutional investors.