Bitwise Head of Research Ryan Rasmussen said none of 15 large institutions surveyed by the firm sold Bitcoin as its price fell from roughly $125,000 to $60,000 in June 2026, while several bought more. The participants included pensions, endowments, foundations and sovereign wealth funds, which generally viewed Bitcoin and gold as complementary hedges against fiat currency debasement rather than short-term trading assets. Rasmussen said some institutions held allocations of about 2%-8%, including approximately 2%-3% at Wells Fargo, while earlier Bitwise report details described a broader 0.5%-13% range of crypto allocations, with most institutions holding 1%-2%. Bitwise's research found interest in Bitcoin among sovereign wealth funds across multiple regions, including one fund selling gold and other foreign-exchange reserves to finance purchases. Institutions are considering spot Bitcoin ETFs, direct custody, mining and options strategies. Weekly spot Bitcoin ETF inflows reached $2.5 billion in the prior week, and Rasmussen said ETFs and digital-asset treasury companies have created systematic demand that was absent in earlier cycles. He said the market may have bottomed near $60,000, although that remains forward-looking, and expects the broader debasement trade to continue developing. The survey covered institutions that already had crypto exposure and therefore did not show how many considered Bitcoin but chose not to invest.