Bitwise's first institutional crypto adoption report finds that none of the 15 major institutions the firm interviewed sold Bitcoin as it fell from $125K to $60K. Ryan Rasmussen, Bitwise's head of research, says sovereign wealth funds are among those selling gold to buy Bitcoin.
No institution sold during the drop to $60K
Bitwise interviewed 15 major institutions — including pensions, endowments, foundations, and sovereign wealth funds — for its first institutional crypto adoption report. Not one sold as Bitcoin fell from $125K to $60K, and many bought more.
Ryan Rasmussen, head of research at Bitwise, presented the findings, covering why these institutions treat Bitcoin alongside gold as a hedge against debasement.
Sovereign funds trade gold for Bitcoin
The report covers Wells Fargo's 2-3% Bitcoin allocation, tied to the debasement thesis. Fidelity and BlackRock allocations range from 2% to 8%.
ETFs cushioned the bear market
Bitwise's report ties $2.5B in weekly ETF inflows to a shallower bear market. The firm points to $60K as the bottom.
That inflow figure is why Bitwise argues Bitcoin ETFs brought a new wave of capital into the market during the downturn.
Source: Bitcoin Magazine
Trading involves risk.
Risk Disclaimer
