[Bitwise Report: 15 Major Institutions Increased Bitcoin Holdings Despite Price Drop] Bitwise Head of Research Ryan Rasmussen pointed out in a report on institutional cryptocurrency adoption that despite Bitcoin's price dropping from $125,000 to $60,000, none of the 15 major institutions surveyed by Bitwise sold their Bitcoin holdings. Instead, some institutions increased their positions. Participants included pension funds, endowments, foundations, and sovereign wealth funds. Rasmussen stated that these institutions tend to view Bitcoin as a tool to hedge against fiat currency devaluation (similar to gold) rather than a speculative asset betting on short-term price fluctuations. Some institutions allocated approximately 2%–8% of their portfolios, with Wells Fargo's allocation around 2%–3%. He also mentioned that some sovereign wealth funds are reducing their gold allocations and reallocating funds to Bitcoin.