Sovereign Wealth Fund Swaps Gold for BTC as Institutions Maintain Conviction
A major sovereign wealth fund has been buying Bitcoin and selling gold, according to a new report from Bitwise Asset Management. The fund is one of several large institutions surveyed by Bitwise, which found that none of them cut their Bitcoin holdings during the coin's price drop from $125,000 in Q4 2025 to around $60,000 in Q2 2026.
The report also noted that despite the bearish phase, conviction among firms stayed strong. Every institution surveyed highlighted Bitcoin as its first, largest, and longest-held asset, with crypto exposure ranging from 0.5% to 13% of total investable assets.
CryptoQuant's Bull Score has climbed to 90 out of 100 after Bitcoin broke above its 365-day moving average last week. However, the firm also noted that buying pressure has started to fade, with spot demand contracting by about 170,000 BTC over the past 30 days.