None of the 15 major institutions surveyed by Bitwise sold Bitcoin during its decline from $125,000 to $60,000, and several increased their holdings. The participants—including pension funds, endowments, foundations and sovereign wealth funds—primarily view Bitcoin as a hedge against fiat currency devaluation rather than as a speculative asset. Their allocations range from 2% to 8%, with Wells Fargo holding approximately 2%–3% exposure and some sovereign wealth funds shifting capital from gold into Bitcoin. Bitwise said spot ETFs (exchange-traded funds that hold the asset directly) have widened institutional access and helped produce a smaller drawdown than in previous market cycles. Weekly ETF inflows recently reached $2.5 billion, supporting the firm's assessment that $60,000 may be the cycle bottom for BTC. Head of Research Ryan Rasmussen said these long-term investors remain committed to Bitcoin's structural role in portfolios despite substantial short-term volatility.