Institutions Unfazed by Crypto Crash, Still Buying

A recent survey conducted by Bitwise, a US-based crypto asset manager, found that despite the crypto market's 50% decline in value over six months, no institutional investors reduced their allocation to crypto assets. In fact, several institutions viewed the downturn as an opportunity to buy more.

The report, titled 'Institutional Crypto Adoption,' was based on interviews with 15 investment chiefs at major institutions, including university endowments, foundations, public pension funds, sovereign wealth funds, and publicly listed companies. These institutions manage assets ranging from hundreds of millions to tens of billions of dollars.

Interestingly, every institution holding crypto assets included Bitcoin (BTC) without exception, with most positioning it as a store of value similar to gold. Many paired BTC with gold to hedge against fiat currency debasement.