Bitwise: In the process of Bitcoin falling from 125,000 to 60,000, the 15 institutions it studied (pension funds, endowment funds, and sovereign wealth funds) sold none; some even increased their positions. Their allocation ratios generally range from 2% to 8%. Bank of America provided 2% to 3%. They treat Bitcoin as an inflation-hedging asset like gold—not a short-term speculation.
Some sovereign wealth funds are selling gold and switching into Bitcoin. Spot Bitcoin ETFs saw inflows that, at one point, surged to $2.5 billion in a single week. Bitwise’s view is that precisely because ETFs lower the barrier for institutions to enter, the drawdown from 125,000 to 60,000 in this cycle is “shallower” than in previous cycles: institutions quietly accumulate near the bottom, while retail investors cut losses at the peak of sentiment.
But turning the question around, who is claiming the conclusion that “nobody sold”? The 15 institutions are the research sample Bitwise reached out to itself—not an audit of all market holdings. And Bitwise, which says “60,000 is the bottom,” is also issuing its own spot Bitcoin ETF; its bottom-judgment is naturally tied to the capital inflows into its own product.
So the only verifiable thing is this: the $2.5 billion single-week inflow—whether the next few weeks keep bringing in new money or whether redemptions offset it. That figure is clearly more candid than any institutional questionnaire. What do you think?
The above is for subjective analysis only and does not constitute investment advice.#Bitwise推出首只NEAR现货ETF #比特币ETF
Some sovereign wealth funds are selling gold and switching into Bitcoin. Spot Bitcoin ETFs saw inflows that, at one point, surged to $2.5 billion in a single week. Bitwise’s view is that precisely because ETFs lower the barrier for institutions to enter, the drawdown from 125,000 to 60,000 in this cycle is “shallower” than in previous cycles: institutions quietly accumulate near the bottom, while retail investors cut losses at the peak of sentiment.
But turning the question around, who is claiming the conclusion that “nobody sold”? The 15 institutions are the research sample Bitwise reached out to itself—not an audit of all market holdings. And Bitwise, which says “60,000 is the bottom,” is also issuing its own spot Bitcoin ETF; its bottom-judgment is naturally tied to the capital inflows into its own product.
So the only verifiable thing is this: the $2.5 billion single-week inflow—whether the next few weeks keep bringing in new money or whether redemptions offset it. That figure is clearly more candid than any institutional questionnaire. What do you think?
The above is for subjective analysis only and does not constitute investment advice.#Bitwise推出首只NEAR现货ETF #比特币ETF