Institutions tracked Bitcoin to 50%, but 15 investors surveyed by Bitwise did not reduce their holdings.

Bitwise survey: 15 institutions do not devalue crypto even when the market is down[14] between quarter 4 years13% to quarter 2 years1%

What's this about?

Bitwise interviewed 15 institutions and found that no institution decreased its share of crypto allocation during periods when the market was highly volatile between quarter 42025 to quarter 22026 although the market declined slightly50% in those periods.

The survey indicates that institutional investors have maintained the same level of openness to cryptocurrencies, even though market conditions are severely depressing confidence among retail or news-watchers. However, many institutions haven't moved away from digital assets.

Why is this important to people who watch the crypto market?

The significance lies in the perception that institutions do not make the same decisions as day-to-day market prices in a context where markets are falling.50% Between quarter 4 years2025 to quarter 2 years.2026 The fact that 15 institutions according to Bitwise's survey did not discount crypto indicates that holding cryptocurrencies is viewed more as an alternative asset over the long term.

For the general reader, this helps to distinguish between price fluctuations and policy decisions of large institutions because both can happen simultaneously without necessarily sending the same signal.

How much crypto does the institute have in port?

The proportion of crypto in the port by surveyed institutions is relatively small, ranging between 0.5% and 13% of investable assets, with most holding only 1% to 2%.

Institutional openness to crypto did not come from a single channel but spread through ETF, direct crypto holdings, venture capital and hedge fund Bitwise stated that institutions were not moving away from crypto. Some kept the original proportional target while some still worked towards higher provisioning

Additionally, many investors are moving away from specific low-value bidding channels, some adding market-neutral strategies to reduce friction and make internal approval easier. Bitwise notes that the debate today is often about how much crypto holds and which channel to use, not whether or not to invest.

Bitcoin is still the primary asset, but Ethereum and Solana are tested for different reasons.

Bitcoin is also the institution's most trusted asset in this survey. Every institution that holds cryptocurrencies sees it as a store of value and hedge against currency devaluation, often compared to gold.

Some hold Bitcoin as a stand-alone asset, while others use the market value weighted asset basket which maintains an approximate ratio 80% of crypto ownership at Bitcoin .

Ethereum and Solana , on the other hand, face different tests. These two asset-holding institutions tend to have smaller status and shorter holding periods; decisions are tied to specific goals in terms of acceptance and how much activity in a blockchain will be converted into token value.

Some investors shy away from it because they don't see a clear correlation between blockchain activity and the value of tokens, while others view it as venture-style technology betting by tracking actual usage, transaction volumes, and fees.

ETF Changing the way institutions think

It has become a major channel that is changing the approach to crypto of almost every institution Bitwise interviewed for use.ETF Spot-type cryptocurrencies are already in place or planned.

Many are moving from custody to direct use.ETF Because of lower capital costs, less operational work and easier reporting, institutions that still hold private crypto investment channels are looking ETF for flexibility in porting.

Not all institutions will move immediately, as some have rules or restrictions that make it impossible to hold a spot commodity including through-holding.ETF Some want direct asset control and are in the process of creating their own custody system, and one institution is concerned that holding ETF may require public disclosure of holding status via Form 13F.

The impact on Thai readers and crypto users in the region

For Thai readers, this survey helps to separate two layers of the picture: one is that institutions are still interested in Bitcoin and channels.ETF The second is that market volatility does not make all institutions withdraw immediately.

In the Thai market, where digital assets are regulated by the SEC (Thailand) and platforms such as Bitkub provide services, users will see prices and conditions bowl to THB , which may move differently from a foreign institution's point of view at times.

For readers in Maine who may be involved with crypto through cross-border contexts or value preservation, this case reflects the behavior of large institutions rather than an indicator that regulation or usage in those areas will change.

The key point is that the ratio 0.5% to 13% and majority 1% to 2% say crypto remains an alternative asset in institutional portals, not a core at which institutions are willing to risk the entire market. Such data cites Bitwise's survey CryptoPotato reporting: