Bitwise: Institutions Held Crypto Through 50% Drawdown, Kept Bitcoin as Largest Holding

The notable signal is behavioural, not allocational: institutions treating Bitcoin as a core position while applying explicit exit discipline to Ether and Solana suggests the two are being governed by different mandates inside the same portfolio. That distinction matters for how the market reads drawdowns — Bitcoin exposure looks increasingly sticky, whereas altcoin exposure is being managed as conditional. Whether that split persists through the next stress period, and whether exit conditions on non-Bitcoin holdings actually get triggered, is the open question.