Ein am 23. September veröffentlichter Bericht von Bitwise zeigt, dass keiner der 15 befragten großen Investoren seine Krypto-Allokationen während des Marktrückgangs zwischen Oktober 2025 und April 2026 reduzierte.
The Bottom Line
- Zero Attrition: Not a single institution among the 15 surveyed by Bitwise cut its crypto exposure during the rund 50 % market correction between October 2025 and April 2026.
- Allocation Math: Active crypto allocations ranged from von 0,5 % bis 13 % of investable assets, with family offices commanding the highest individual exposure levels.
- Infrastructure Bottlenecks: Sovereign wealth funds are actively vetting large positions, but legal and regulatory compliance frameworks mean onboarding can take over a year.
Enduring the rund 50 % Drawdown Without Capitulation
Market downturns typically trigger aggressive risk-off behavior among traditional financial institutions. But the balance sheet tells a different story for this cohort of elite investors. Between October 2025 and April 2026, valuations across the digital asset sector suffered a sharp contraction of approximately rund 50 %. Yet, interviews conducted by Bitwise between late March and April indicate absolute steadfastness.
Not one of the 15 institutional participants cited market depreciation as a rationale for divestment. Instead, several respondents utilized the lower entry points to accumulate additional spot exposure. One investment advisor captured this long-term view directly in the survey notes: “If the thesis stimmt, wäre ein Verkauf jetzt angesichts der S-Kurve der Akzeptanz zu früh.” This sentiment underscores an adherence to structural S-curve adoption models rather than short-term price volatility.
Allocation Mechanics: Family Offices Versus Sovereign Wealth Funds
Here is the math behind how institutional capital enters the ecosystem. Total portfolio allocations among the surveyed cohort spanned from von 0,5 % bis 13 % of investable wealth, with the median clustering tightly between von 1 % und 2 %. However, the internal governance structure of each entity directly dictated the speed and sizing of its entry.
Family offices reported the most substantial individual allocations. Operating with lean decision-making hierarchies, these private wealth entities frequently required the sign-off of only a single principal decision-maker. Conversely, sovereign wealth funds maintained smaller initial positions relative to total capital under management. These state-backed entities went through multiple bureaucratic vetting tiers, slowing down public capital deployment.
| Institution Type | Reported Crypto Allocation Range | Approval Structure & Bottlenecks |
|---|---|---|
| Family Offices | von 0,5 % bis 13 % (Highest concentration) | Single decision-maker; rapid execution. |
| Sovereign Wealth Funds | Lower relative share | Multiple vetting layers; 12+ month compliance builds. |
| Asset Managers (Broader Survey) | 60 % planning entry within 12 months | Pending regulatory clarity and product access. |
Bitwise noted that the size of an institution’s crypto holding was almost inversely proportional to the number of internal stakeholders required to approve the transaction. Furthermore, public data mirrors this private accumulation. Regulatory disclosures from late June revealed that two investment vehicles based in Abu Dhabi maintained BlackRock (NYSE: BLK) Bitcoin ETF shares valued at nearly $764 million, flatly refusing to trim their net share counts throughout Q2.
Asset Selection and the Rise of Regulated Access Vehicles
When institutions deploy capital into digital assets, concentration risk remains heavily skewed toward the primary protocol. Every single survey participant holding digital assets maintained exposure to Bitcoin (BTC), positioning it as their foundational, largest, and longest-held crypto asset. A subset of respondents held secondary exposure to Ether (ETH) or Solana (SOL), though subject to strict fundamental conditions regarding network utilization and fee generation.
Access infrastructure has evolved to match this demand. Nearly all institutions interviewed by Bitwise utilized spot crypto exchange-traded funds (ETFs) or actively integrated them into forward deployment plans. By leveraging products like those offered by BlackRock (NASDAQ: BLK), institutions bypass direct wallet custody challenges, shifting operational risk to regulated brokerages.
As Ryan Rasmussen, Head of Research at Bitwise, highlighted in a separate survey discussion on September 8, 60 % of traditional asset managers intend to allocate capital to crypto within a 12-month window, even though 67 % held zero exposure at the time of data collection. As compliance frameworks mature, the reputational cost of entering the asset class diminishes, paving the way for broader institutional normalization over the next five years.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
