Major institutional investors interviewed by Bitwise did not sell Bitcoin during its decline from $125,000 to $60,000. Instead, a significant number increased their holdings, according to research analyst Ryan Rasmussen. The institutions generally treat Bitcoin less as a vehicle for short-term trading than as a hedge against fiat currency debasement, alongside gold. Rasmussen also said some sovereign wealth funds are cutting gold allocations and moving those funds into Bitcoin. The survey covered 15 institutions, including pension funds, university endowments, foundations and sovereign wealth funds.