Bitwise survey of 15 institutional investors shows none reduced crypto exposure during a 50% Bitcoin downturn, with allocations stable at 0.5–13% of investable assets.
Macro & Markets ·
A survey by Bitwise of 15 institutional investors found that none reduced their crypto allocations during a roughly 50% market decline between Q4 2025 and Q2 2026. Holdings ranged from 0.5% to 13% of investable assets, with most institutions maintaining positions between 1% and 2%. Some investors are working toward higher allocations, while others have introduced market-neutral strategies to manage volatility and ease internal approvals, according to the survey.
Bitcoin dominates institutional crypto exposure; every institution surveyed that owns crypto also holds BTC, often viewing it as a store of value or inflation hedge. Many institutions structure their portfolios with Bitcoin comprising roughly 80% of crypto exposure through market-cap-weighted baskets. Ethereum and Solana occupy smaller positions with shorter investment horizons, tied to specific adoption and technology expectations rather than pure conviction.
Spot crypto ETFs have reshaped institutional entry strategies, with nearly all surveyed institutions already using them or planning to do so. Institutions cite lower costs, reduced operational burden, and simplified reporting as advantages. Some have migrated from direct custody arrangements. However, regulatory constraints and custody preferences still lead some institutions to avoid ETFs entirely, while concerns around public 13F disclosure of holdings remain for certain investors.