A comprehensive study involving in-depth interviews with 15 large-scale investors has uncovered a counterintuitive trend: despite severe market turbulence, these institutions have not only declined to sell their bitcoin holdings but some have even increased their positions. The survey period spanned from October 2025 to April 2026, during which the overall market experienced a drawdown of approximately 50%.

The interviews were conducted by Bitwise between late March and April 2026, with the participating institutions collectively managing client assets exceeding $9 billion. The respondent group included university endowments, pension funds, sovereign investment funds, family offices, and publicly listed companies, with individual asset sizes ranging from hundreds of millions to tens of billions of dollars. Notably, every single institution surveyed held bitcoin, and none cited the price decline as a reason to exit their positions.

Data compiled from the study reveals that these institutions maintain extremely low cryptocurrency allocations, ranging from 0.5% to 13% of investable assets, with most concentrated in the 1% to 2% range. Many respondents had previously weathered a similar 50% downturn in 2022 and continued to hold, indicating that their investment thesis transcends short-term price fluctuations. In terms of asset preferences, bitcoin is widely viewed as a store of value comparable to gold, while ethereum and certain alternative coins received only limited institutional interest, primarily due to concerns that these assets face downside risk unless they achieve widespread real-world adoption within the coming years.

One investment advisor highlighted that, based on the S-curve pattern of technology adoption, the current sell-off is premature. Nearly all respondents are currently using or planning to use spot bitcoin ETFs. However, public filings paint a mixed picture: Harvard University disclosed in its 13F report that its endowment reduced its bitcoin ETF position by 43% during the first quarter of 2026. In contrast, two sovereign investment funds from Abu Dhabi maintained their full holdings of bitcoin ETF shares during the second quarter, even as prices continued to fall.

At the time of reporting, bitcoin was trading at approximately $84,534. Bitwise suggests that actual institutional holdings may be understated, as some investors utilize non-public disclosure structures. The primary factors currently hindering further institutional accumulation include governance structures, operational considerations, and reputational concerns. Looking ahead over the next five years, Bitwise anticipates that most institutions will continue to hold cryptocurrencies, a stance that reflects a firm conviction in their long-term store-of-value properties.