Bitwise research director Ryan Rasmussen pointed out in a report that despite the price of Bitcoin falling from $125000 to $60000, 15 large institutions did not sell Bitcoin, and some institutions increased their holdings, including pension funds, endowments, foundations, and sovereign wealth funds. These institutions view Bitcoin as a tool to hedge against fiat currency depreciation, with some institutions allocating around 2% -8% of their funds, including Wells Fargo's relevant allocation of around 2% -3%. Some sovereign wealth funds are reducing their gold allocation and shifting their funds towards Bitcoin.
