Bitwise Survey: Institutions Won’t Cut Crypto Despite 50% Drawdown

The striking element is not the holding pattern itself but the stated reason: institutions describe the barriers as governance, reputation and operational, not conviction. That reframes crypto exposure as an infrastructure and internal-policy question rather than a directional bet, which matters for anyone watching how allocators behave through a drawdown. The wide 0.5%-to-13% allocation range suggests these are still bespoke, individually approved positions rather than a standardised sleeve. Whether that range narrows as governance and operational friction eases is the open question.