Bitwise interviewed 15 institutions and found that none reduced their crypto allocations during a roughly 50% market drawdown, with several buying more. Bitcoin was held by all institutions interviewed, typically as their first, largest and longest-held crypto position, often treated as a store of value alongside gold. Crypto allocations ranged from 0.5% to 13% of investable assets, with most between 1% and 2%. Institutional conviction was weaker for Ether and Solana, with several setting exit conditions if network growth failed to translate into value accruing to those assets.
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