Institutions held crypto through 50% drawdown, Bitwise finds

Bitwise interviewed 15 institutions in late March and April and found none cut crypto during a roughly 50% drawdown from October 2025; several bought more. All holders kept Bitcoin as their largest position, with smaller Ether and Solana bets and exit triggers. None would sell on price alone, citing regulatory reversal or thesis failure instead. Allocations ranged 0.5%–13%, mostly 1%–2%; most used or planned spot crypto ETFs.