Institutional Crypto Allocators Maintained Exposure During 50% Market Drawdown

None of the 15 large institutional investors surveyed by Bitwise cut their crypto exposure during a market drawdown of approximately 50% between October 2025 and April 2026. The findings, published in Bitwise's Institutional Crypto Adoption Report, showed that several institutions increased their allocations, contrasting with public fund outflow figures recorded during the sell-off, which included $691.7 million on June 25 and $444.5 million on June 26 according to Farside.

The survey included pension funds, endowments, foundations, sovereign wealth funds, multi-family offices, and public companies with portfolios ranging from hundreds of millions to tens of billions of dollars. Allocations to crypto ranged between 0.5% and 13% of investable assets, with most respondents holding between 1% and 2%. Exposure was maintained through exchange-traded funds, directly held tokens, venture investments, and hedge funds.

Bitcoin was held by every surveyed institution that owned crypto, representing their first, largest, and longest-held digital asset, with some pairing it with gold as a store-of-value strategy. Ethereum and Solana saw less consistent support and were generally treated as smaller, shorter-duration technology investments. Allocators stated that price drops alone did not trigger exits, identifying thesis failure, regulatory changes, or industry credibility issues as their primary exit conditions.