A 50% plunge and still holding on? 15 institutions reveal the underlying logic of not selling Bitcoin

According to Woofun AI, Bitwise’s in-depth interviews with 15 large investors revealed a counter-intuitive phenomenon: after experiencing violent market shocks, these institutions not only refused to sell Bitcoin, but instead partially increased their holdings.
The time window of this investigation is locked from October 2025 to April 2026, during which the overall market fell by approximately 50%. Bitwise, which completed interviews with respondents between late March and April 2026, has more than $9 billion in client assets under management. The interviewees include university endowments, pension funds, state-owned investment funds, family offices and listed companies, with asset sizes ranging from hundreds of millions of dollars to tens of billions of dollars.
It is worth noting that all institutions participating in the survey hold Bitcoin, and none cited the price decline as a reason for exiting. Data compiled by Woofun AI shows that these institutions have extremely low cryptocurrency allocations, ranging from 0.5% to 13% of investable assets, with most concentrated in the 1% to 2% range. Many respondents have experienced similar 50% declines in 2022 and are holding on, suggesting an investment rationale that extends beyond short-term price swings.