15 Institutions Reveal Why They Refused to Sell Bitcoin During a 50% Crash
None of the 15 giant traders interviewed by crypto fund supervisor Bitwise minimize their crypto holdings because the market fell roughly 50% between October 2025 and April 2026. Several purchased extra.
The group included college endowments, pension funds, state-owned funding funds, household workplaces and public corporations. Every one which owned crypto held Bitcoin (BTC).
Why the Institutions Refused to Sell Bitcoin
Bitwise, which manages greater than $9 billion in shopper belongings, ran the interviews between late March and April 2026. Its report doesn’t identify the establishments, whose belongings vary from a whole lot of hundreds of thousands to tens of billions of {dollars}.
No respondent named falling costs as a cause to promote. Instead, they stated they’d exit provided that the case for proudly owning crypto broke, reminiscent of a regulatory reversal or an industry-wide scandal. Some had already held by earlier 50% drops, together with in 2022.
Most deal with Bitcoin as a retailer of worth, typically paired with gold. Ethereum and Solana have been held extra selectively, as expertise bets they’d drop if real-world use fails to seem inside a few years.
“If the thesis is correct, given the S-curve of adoption, promoting now can be promoting too early,” learn an excerpt within the Bitwise report, citing an funding guide.
Positions stayed small, from 0.5% to 13% of investable belongings, with most between 1% and a couple of%. Nearly all respondents use or plan to use spot Bitcoin exchange-traded funds (ETFs), which maintain the coin immediately and commerce like a inventory.
What Public Filings Show
Bitwise picked the 15 interviewees, and it sells crypto funds to the identical sorts of establishments.
Public filings present not each giant holder stood agency. Harvard’s endowment cut its Bitcoin ETF stake by 43% within the first quarter of 2026, in accordance to its 13F, a quarterly report of US holdings. It is just not recognized whether or not Harvard was among the many interviewees.
Abu Dhabi’s two state funds, against this, kept every IBIT share by the second-quarter slide.
Bitwise stated such filings understate institutional possession, since some traders use autos that keep away from disclosure. It named governance, operations and status as the primary obstacles to bigger positions.
With Bitcoin trading near $84,534 at press time, Bitwise expects most establishments to maintain crypto inside 5 years.
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