Bitwise: Institutional allocations remain unchanged during crypto market crash, with some institutions increasing their holdings instead.

September 23 — Bitwise released a report stating that after in-depth interviews with investment professionals responsible for crypto asset allocation at 15 major global institutions, it found that during the period from Q4 2025 to Q2 2026, the crypto market fell by approximately 50%, but none of the interviewed institutions reduced their crypto asset allocations as a result, and some even increased their holdings. The report shows that all interviewed institutions holding crypto assets hold BTC.

For most institutions, BTC was their first allocation, largest holding, and longest-held crypto asset, typically regarded as a store of value and often used alongside gold as a hedge against fiat currency depreciation. By contrast, institutional allocations to ETH and SOL are smaller in scale, held for shorter periods, and subject to exit conditions tied to the underlying tokens' value capture. Some institutions said they would consider selling if the relevant assets fail to achieve meaningful use and adoption in the coming years.

In terms of allocation size, the interviewed institutions' crypto asset allocations range from 0.5% to 13% of investable assets, with most concentrated between 1% and 2%. Investment methods include spot ETFs, direct holdings, venture capital, and hedge funds, among others. In addition, Bitwise stated that spot ETFs are changing the way institutions enter the crypto market. Nearly all interviewed institutions have used or plan to use spot ETFs, mainly due to lower overall costs, reduced operational burden, and the fact that ETFs are more similar to traditional investment products at the back-office operational level.