ChainCatcher report: Bitwise Head of Research Ryan Rasmussen analyzed the company’s first institutional crypto adoption report in an interview. The report surveyed 15 major institutions, including pensions, endowments, foundations, and sovereign wealth funds. Despite Bitcoin’s price declining from $125,000 to $60,000, none of the surveyed institutions sold their holdings—several even increased their positions. Rasmussen noted that these institutions view Bitcoin alongside gold as a hedge against currency depreciation. Wells Fargo allocated 2% to 3% of its portfolio to Bitcoin, while Fidelity and BlackRock indicated allocation ranges of 2% to 8%. He emphasized that the launch of ETFs has made this Bitcoin bear market shallower than previous ones, with weekly ETF inflows reaching as high as $2.5 billion, injecting fresh capital into the market. He also mentioned that sovereign wealth funds are selling gold to buy Bitcoin and believes $60,000 represents the bottom of this cycle. Additionally, he highlighted that Bitcoin exhibits low correlation with bonds, gold, and stocks.
Bitwise Report: Sovereign Wealth Funds Sell Gold to Buy Bitcoin
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Summary
Bitcoin market news: Bitwise’s report reveals that sovereign wealth funds are selling gold to purchase Bitcoin. The firm surveyed 15 major institutions, including pension funds and endowments. During Bitcoin’s price decline from $125,000 to $60,000, none sold their holdings—some even increased their positions. Institutions view Bitcoin as a hedge against currency devaluation. Bitwise’s Rasmussen believes $60,000 represents the cycle low.
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