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Bitwise found that some institutions held or increased their holdings in cryptocurrencies during the

2026-09-24 09:12:28

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机构投资者在加密市场大幅回调期间维持或增持持仓

根据Bitwise发布的《机构加密资产采用报告》首份报告，尽管市场经历了约50%的回撤，但持有加密资产的机构投资者仍维持或增加了其持仓量。该投资机构对15家大型配置者（包括捐赠基金、养老基金、主权财富基金、多家族办公室和上市公司）进行了调查，发现没有任何一家机构在2025年10月至2026年4月期间削减对加密资产的敞口。

主要机构保持加密资产敞口

参与研究的配置者管理的投资组合规模从数亿美元到数百亿美元不等。虽然他们在总投资可支配资产中加密资产的占比介于0.5%至13%之间，但大多数机构将敞口保持在1%至2%的区间内。值得注意的是，尽管更广泛的市场面临普遍的抛售压力，仍有几家机构在市场低迷期间增加了其配置比例。

这些机构的持仓并不局限于交易所交易基金（ETF）产品。参与的机构还直接持有加密货币、进行风险投资以及通过对冲基金等方式，采用多样化的策略以维持对加密市场的敞口。

All institutions surveyed that invest in crypto assets hold Bitcoin, often referring to it as the initial, largest and longest-held digital asset. While some institutions pair Bitcoin with gold in diversified portfolios, assets such as Ethereum and Solana have received inconsistent support among these investors.

Investments in Ethereum, Solana and similar tokens are often seen as smaller, risky technical bets. Allocators said the sustainability of these positions depends on whether network adoption rates translate into sustainable token values. A simple decline in stock prices is not considered sufficient reason to exit a position; instead, most respondents point to a failure of underlying investment logic, a change in regulatory policy, or an industry-wide reputation crisis as potential exit triggers.

ETF outflows vs. long-term positions

Despite firm institutional confidence, market data showed significant ETF outflows during the sell-off. Farside Investors records show cash Bitcoin ETF outflows of $691.7 million on June 25, 2026, and $444.5 million on June 26, making the second quarter a particularly difficult time for these products.

Date ETF outflow (USD) June 25, 2026 US$691.7 million June 26, 2026 US$444.5 million

Bloomberg的ETF分析师James Seyffart观察到，ETF资金流数据和SEC 13F表格 filings 支持了Bitwise的发现。他指出，虽然对冲基金和散户投资者构成了大部分ETF销售，但长期的机构配置者在市场回撤期间通常保持稳定，甚至增加了持仓。

ETF资金流和13F报告数据证实，比特币ETF的长期配置者通常坚持持有这约50%的回撤，其中许多人购买了额外资产。最大的卖出方是对冲基金和散户交易者或投资者。

然而，13F表格仅提供有限的透明度。符合条件的基金经理必须每季度提交这些报告，通常在45天内完成，但这些申报并不能捕捉每种类型的投资工具或零售头寸。Bitwise还发现，一些机构故意构建持仓结构以避免13F披露。

Bitwise表示，报告的机构加密资产所有权水平仅代表最低限度，而非对市场情况的完整反映。该研究的样本量有限且经过匿名化处理，仅涵盖15家组织。尽管如此，该分析清晰地揭示了ETF资金流出与实际机构退出之间的区别。

这一差异对于理解 headline 资金流数据具有重要意义。即使在市场回调期间ETF提款激增，受访的配置者也大多维持或扩大了敞口，而非清算头寸。

术语解释：13F表格

13F表格是证券交易委员会（SEC）要求管理至少1亿美元资产的机构投资经理提交的季度报告，提供某些证券持仓的详细信息，但不包含所有资产或披露结构。

对于这些机构而言，价格下跌本身并非退出的理由。他们的决策更多地取决于其投资逻辑是否失效、重大监管转变或行业信誉危机。

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