Report reveals: the institution still holds Bitcoin through a period of market stagnation and some even increased purchases

- What's going on?

Cryptocurrency prices fell by six-and-a-half between October2025 and April,2026 but a new report from Bitwise Asset Management found that the world's largest institutional investors did not decrease their share of crypto holdings at all, with some even buying more during price spikes.

This edition of the report interviewed senior fund managers from 15 major institutions, covering pension funds, endowments, sovereign wealth funds, family offices and public companies.

And the interesting thing is, when asked what kind of event caused them to pull out, no one said "price drops".

Why is Bitcoin different from other coins?

Every institution in this study that holds cryptocurrencies also owned bitcoins, and almost every bitcoin was the first cryptocurrency to be purchased, the largest and longest-held.

Other crypto tokens have been treated differently, with institutions holding smaller amounts in the form of a for-profit technological gamble with clear deadlines on when coins must prove their value. The report notes that Bitcoin is the only cryptocurrency asset to which institutional trust has remained consistent.

One fund describes its position as a long-term bet that bitcoin will become a $20 trillion market in the next 5 to 15 years.

Why did the institute link bitcoin to gold?

For many issuers, bitcoin is now placed alongside gold as a hedge against fiat money's devaluation. Many mutual funds combine these two positions: one institution lists Bitcoin in the category of bullion directly on its port and one sovereign wealth fund uses proceeds from the sale of gold and some foreign exchange reserves to fund crypto.

A major hedge fund told Bitwise that people started using bitcoin as a trade to prevent the devaluation of fiat money alongside gold.

This type of trade, known as a debasement trade, is an asset purchase to hedge against the risk that currencies are losing value. Such trades were cumbersome last year and helped fuel bitcoin's rally, but momentum rebounded after October when traders turned their attention to group stocks.AI

Some institutions have gone even further, with the view that in a decade's time they could move away from gold altogether and turn it into bitcoin.

What's going to make them sell?

These institutions have stated that they will withdraw when a major "thesis" breaks down, such as reverse care policies or an industry-wide credibility crisis, but the impact alone does not shake them. Some have gone through overpricing50% several times in the past, including during the year.2022

One investment advisor reasoned that if the mainstream media is right, based on the S-curve of adoption, selling now would be too quick.

Bitwise itself predicts that within five years, most institutions will be holding crypto in port.

What's the price now?

The price of bitcoin was at 84,506 the dollar's lowest level in 24 hours, but it has risen almost 7% within 30 days. It began to rally since August and surged again last week. Some analysts believe that this digital asset is back on a bull market.

For investors tracking through Bitcoin in Thailand, the striking point is that this long-term global institutional trend may reflect a decreased short-term volatility, but price movements in Thai markets still need to look at factors such as national banks, currency exchange rates and regulatory frameworks.

Written by Mathew Di Salvo / Bitcoin Magazine