Large investors appear more patient with cryptocurrencies than the market’s reputation for high volatility would suggest.

A new Bitwise study of 15 large institutions found that none reduced their exposure during the nearly 50% crash that the crypto market experienced between the fourth quarter of 2025 and the second quarter of 2026. Some even increased their positions.
Bitcoin is becoming the foundation of the portfolio
Bitwise interviewed for three months investment executives who make decisions about the crypto exposure of pension funds, sovereign wealth funds, foundations, family offices, consultants, and public companies. This is a small sample, and the results cannot automatically be applied to the entire institutional market. However, they offer a rare glimpse into how some large investors structure their positions.
The clearest common denominator is BTC. Every interviewed institution that holds cryptocurrencies also holds BTC. For nearly all of them, it is the first, largest, and longest-held position, often placed alongside gold as a hedge against the debasement of fiat currencies.
Ethereum and Solana receive different treatment. The positions are smaller and the investment horizon is shorter. Some investors cite specific exit conditions if network usage does not lead to sufficient value accrual in the tokens themselves over the coming years.
Between 0.5% and 13%, but most remain cautious
The differences between institutions are significant. Cryptocurrencies represent between 0.5% and 13% of their investment assets, but most allocations are concentrated around 1%-2%. Exposure does not come solely through direct ownership, but is distributed across ETFs, crypto assets, venture capital, and hedge funds.
An interesting relationship also emerges based on size. According to the interviews, the more people who have to approve an investment, the smaller the crypto exposure usually is. Family offices are among the participants with the largest positions, while sovereign wealth funds are at the other end of the range.
This suggests that the barriers to institutional adoption are not solely a matter of attitudes toward Bitcoin. Internal procedures, investment mandates, and risk management also determine how much capital actually reaches the market.
ETFs are changing how institutions enter the market
Nearly all interviewed institutions use spot crypto ETFs or plan to do so. The reasons include lower overall costs, reduced operational burden, and the ability to process crypto exposure through infrastructure already familiar to investment teams.
This also matters for how institutional participation is measured. Some investors use structures that do not appear in standard 13F reports, so publicly observable positions likely do not show the full size of the exposure. This makes it impossible to calculate how much larger the actual share is, but it places a limitation on analysis based solely on regulatory filings.
Price is not the main reason to sell
Perhaps the most interesting finding is how institutions determine when to exit. None of the 15 participants cited the price decline itself as a reason to sell.
Factors that could change their position include a failure of the investment thesis, a regulatory reversal, or a crisis of confidence in the industry.
This attitude contrasts with the market’s current movement. At the time of writing, Bitcoin is trading at $84,357, down 2.46% over the past 24 hours, while Ethereum is at $2,671, down 2.98%. XRP is down 5.36% to $1.49, while Solana has declined 3.21% to $114.34. Despite the daily decline, BTC remains up 11.2% for the week, while Solana and XRP retain double-digit weekly gains, according to the provided market data.
Thus, the Bitwise study outlines an important distinction between short-term price movements and institutional positioning. For the investors interviewed, volatility alone is not sufficient reason to exit. The more important question is whether the asset’s long-term investment thesis continues to work.