In the spring, Bitwise surveyed crypto executives at 15 institutions, from sovereign wealth funds and pension funds to endowments and listed companies. The market had just lost about 50% since October, and no one had reduced their allocation. Bitwise also asked them what would make them sell.
This article contains affiliate links allowing you to support the daily work of the Journal du Coin teams.
Price is not a reason to sell
Bitwise, which markets crypto products, published these interviews on September 23.
Institutions respond under cover of anonymity, most avoiding revealing their crypto positions for reasons of competition or reputation. During the decline from October 2025 to April 2026, several institutions purchased more crypto.
Asked what would make them leave, none cited lower prices. Sovereign funds speak of a regulatory reversal or a crisis of credibility in the sector.
Some of these institutions have already gone through several declines of more than 50%, including that of 2022.
One of them, who has held crypto for 10 years, sums it up this way: âSomething has to work. At some point, if it doesn't work, we'll get out. »
Bitcoin in every crypto wallet
All surveyed institutions that hold crypto own bitcoin. For almost all of them, it is their first, largest and oldest crypto asset. Most compare it to gold.
ETH and SOL occupy more modest positions, held for a shorter period of time. Several institutions set a deadline of a few years: the adoption of these networks must be reflected in the price of their token.
Some institutions do not hold ETH or SOL. One of them uses DeFi for lending, trading, placing stablecoins and staking. She does not see any mechanism by which this use would benefit ETH or SOL.
From family offices to sovereign funds, allocations of 0.5 to 13%
Crypto allocations range from 0.5% to 13% of investable assets, with most between 1% and 2%.
Family offices, which manage the assets of wealthy families, declare the highest, sovereign funds the lowest.
Almost all institutions use a spot ETF or plan to do so. Some moved there after having held their crypto directly. The ETF reduces their total cost, simplifies custody and makes crypto a line like any other in their accounts.
Several institutions supplement their exposure with market-neutral strategies, which do not depend on the rise or fall of the market. They seek to mitigate volatility and make crypto more easily validated internally.
For a beneficiary, starting with arbitration remains the simplest way to convince an institution to get started.
Market-neutral also for individuals
An individual who has built up significant capital experiences the same problem on his own scale. A portfolio entirely exposed to a market downturn quickly becomes stressful and tiring. He seeks to grow his savings without experiencing strong price variations, at least with part of his capital.
With stablecoins, DeFi provides access to return mechanisms that do not depend on the rise of a token: lending, liquidity provision, market-neutral strategies. Identifying these opportunities and understanding their risks requires analytical work that the 25% Club documents for its members.
The 25% Club is a private club of more than 150 investors who manage their stablecoin savings via DeFi, with a goal of 15 to 25% per year, without directional exposure, by devoting a few hours per quarter.
How it works in practice:
A public portfolio of $100,000 monitored in real time: all decisions are documented and explained.
DeFi opportunities analyzed: you follow step-by-step video guides to invest in selected protocols.
Control of your funds: you remain in control of your capital, no third party has access to your wallet.
đ Discover the 25% Club method
None reduced their crypto during the decline, and none cited price among the reasons why they would do so.
