A new report from Bitwise highlights the resilience of institutional investors in the face of a significant market downturn, with none of the 15 interviewed institutions cutting their crypto allocations during a roughly 50% drawdown. Instead, many took the opportunity to buy more.
All institutions that owned crypto held Bitcoin (BTC) as their primary asset, often viewing it as a store of value akin to gold. In contrast, investments in Ether (ETH) and Solana (SOL) were generally smaller and subject to specific exit conditions based on network performance.
The report, part of Bitwise’s Institutional Crypto Adoption Report, was based on interviews conducted in late March and April, amidst a market decline that began in October 2025. Participants included professionals from endowments, public pensions, and multi-family offices.
Interestingly, respondents indicated that falling prices would not prompt them to sell. Instead, they cited potential regulatory reversals or an industry-wide credibility crisis as more significant concerns. Some institutions expressed readiness to sell ETH or SOL if growth in their networks did not translate into tangible benefits.
Crypto allocations varied among institutions, typically ranging from 0.5% to 13% of their investable assets, with most falling between 1% and 2%. The report also noted a growing trend towards spot crypto exchange-traded funds (ETFs), as institutions shift from private placements or direct custody.