The cryptocurrency market lost approximately half its value between the end of 2025 and the second quarter of 2026, but according to a study by Bitwise, large investors did not panic. None of the 15 monitored institutions reduced their exposure to cryptocurrencies, and some of them used the price drop for further purchases.
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Bitcoin Remains the Foundation of Institutional Portfolios
The Institutional Crypto Adoption study is based on interviews with investment professionals from pension funds, endowments, family offices, sovereign wealth funds, consulting firms, and publicly traded companies. Every institution that owned cryptocurrencies also held Bitcoin. For most of them, it was simultaneously their first, largest, and longest-held cryptocurrency position.
The size of crypto allocations varied significantly among individual investors. It ranged from 0.5 to 13 percent of investable assets, most often between one and two percent. Family offices had the highest representation of cryptocurrencies, while sovereign funds proceeded more cautiously. Spot ETFs play a significant role, with most surveyed institutions already utilizing them or planning to do so.
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Investors Have Stricter Conditions for Ether and Solana
The approach to Ether and Solana is significantly more cautious compared to Bitcoin. Positions in these assets tend to be smaller, and the investment horizon is shorter. Furthermore, some institutions have predefined conditions, upon the non-fulfillment of which they might sell their ETH or SOL.
The decisive factor will primarily be whether the growing use of blockchains also creates sufficient value for the tokens themselves. If the development of stablecoins, decentralized finance, or tokenization does not reflect in the price of ETH or SOL, some investors may re-evaluate their positions. The Bitwise study thus shows a significant difference between institutions’ long-term view on Bitcoin and a much more conditional trust in other major crypto assets.
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