Bitwise's Crypto Holdings Unshaken Amid Market Downturn

Bitwise's Light ETP (BLIT) has fallen below $5 after a rally, but it's not all bad news for the financial vehicle. According to recent data, institutions held onto their crypto positions even during a 50% market downturn, with some taking the opportunity to buy more.

In fact, Bitwise interviewed 15 institutions and found that none reduced their crypto holdings during this time. Bitcoin was particularly resilient, with no significant changes in institutional ownership.

However, XRP's fortunes have changed significantly, thanks in part to Bitwise's own investment strategy. The firm recently bought over $19 million worth of XRP in a single session, cementing its position as the primary driver of flows into XRP ETFs.