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BTC 
ETH TLDR: Summary of core views
Bitcoin ETF allocators remain firm after experiencing a retracement of about 50%, and outflows mask long-term institutional holding trends.
- Bitwise found that during the market's roughly 50% retracement period, none of the 15 institutions surveyed reduced their exposure to crypto assets.
- Some institutions have increased their allocation of crypto assets, and the majority of respondents 'positions remain between 1% and 2% of their investable assets.
- All crypto investors surveyed hold Bitcoin and generally regard it as the largest and longest-held asset.
- Farside data showed that an ETF outflow of US$691.7 million was recorded on June 25, and another outflow of US$444.5 million was recorded on June 26.
Institutional crypto investors have not retreated due to market retracements
According to the "Institutional Crypto Adoption Report" released by Bitwise, between October 2025 and April 2026, large institutional investors did not reduce their exposure to crypto assets in the face of a sharp market correction of approximately 50%. The report interviewed 15 large allocators around the world and found that none of them reduced their investment in cryptocurrencies.
由于机构通常不愿公开披露其加密头寸，Bitwise直接询问了这15家全球最大投资机构当前的加密资产配置策略。结果显示，许多机构反而增加了仓位，这一发现使围绕巨额比特币ETF流出的叙事变得复杂化。尽管公开基金数据显示存在大量抛售行为，但长期机构投资者总体上仍保持在场。
多样化的投资组合与资产偏好
受访机构包括捐赠基金、基金会、养老金基金、主权财富基金、多家族办公室以及上市公司，其管理资产规模从数亿到数百亿美元不等。加密资产在其投资组合中的占比介于0.5%至13%之间，但大多数受访者将配置比例维持在1%至2%的水平。
机构的加密敞口不仅限于ETF产品，还包括直接持有的加密货币、风险投资（VC）以及对冲基金，从而通过多种渠道维持市场参与度。在所有已配置加密资产的机构中，比特币是共同持有的资产，通常也是它们首选、最大且持有时间最长的数字资产。部分配置者将比特币与黄金结合，纳入更广泛的“价值储存”策略中。
相比之下，以太坊（Ethereum）和Solana的支持力度不够一致。这些资产通常被视为规模较小、期限较短的技术性投资，其持续持有取决于网络采用率能否转化为代币价值。值得注意的是，受访者表示，单纯的價格下跌并非退出触发因素；他们更倾向于在投资逻辑失效、监管逆转或行业信誉危机时选择退出。
ETF流出掩盖了长期的机构持有意愿
市场数据确实显示，在市场低迷期间出现了大量的ETF赎回。Bitwise指出，第二季度是现货比特币ETF流出最严重的季度。据Farside Investors记录，6月25日发生了6.917亿美元的赎回，6月26日又发生了4.445亿美元的赎回。
Bloomberg ETF分析师James Seyffart表示，ETF资金流向数据和Form 13F申报文件大致支持了Bitwise的调查结论。他指出，对冲基金和散户投资者构成了大部分抛售力量，而长期配置者总体上仍然保持投资状态。
然而，Form 13F数据仅提供了部分视角。符合条件的基金经理需每季度报告受管证券，通常在45天内完成。这些申报无法捕捉所有的投资工具或零售头寸。Bitwise还发现，部分机构故意使用结构来避免13F数据的可见性。因此，该公司认为，报告的机构加密所有权应被视为一个“下限”，而非完整的衡量标准。
尽管样本量较小且匿名处理，仅涵盖15家机构，但数据清晰地划清了ETF流出与机构撤离之间的界限。这一区分对于解读 headline 级别的基金流向至关重要。在市场大幅回调期间，受访的配置者大多保持了原有头寸，甚至有人买入更多，而非减少敞口。
