Bitwise’s first Institutional Crypto Adoption Report, based on interviews with senior investment professionals at 15 large institutions, finds that none of the surveyed institutions sold Bitcoin during a roughly 50% drawdown from about $125,000 in Q4 2025 to around $60,000 in Q2 2026. Crypto allocations ranged from 0.5% to 13% of investable assets, with most institutions choosing 1–2%.
The report notes at least one sovereign wealth fund sold gold and foreign exchange reserves to fund Bitcoin purchases, while gold ETF inflows stayed stable. It also attributes weekly Bitcoin ETF inflows of up to $2.5 billion to cushioning the decline and warns of selection bias since all interviewed institutions already held crypto.