Sovereign wealth funds sell gold to buy Bitcoin, Bitwise reports

Bitwise: Bitwise is a cryptocurrency-focused asset manager that offers investment products and conducts institutional research on digital assets. The firm recently completed its first institutional survey examining how major organizations approach crypto holdings. Its head of research used the survey findings to highlight sovereign wealth fund activity in Bitcoin. Ryan Rasmussen: Ryan Rasmussen is the head of research at Bitwise, where he analyzes institutional trends in cryptocurrency markets. He reported on the results of the firm's inaugural institutional survey, noting that participating organizations maintained or increased crypto positions despite price declines. Rasmussen also shared observations on how sovereign wealth funds are sourcing new Bitcoin allocations. Survey Findings: None of the major institutions interviewed sold crypto positions during recent market weakness, with several adding to their holdings. Hedge Allocation: Institutions increasingly treat Bitcoin as a complement to gold holdings for protection against currency debasement. Sovereign Funding: Sovereign wealth funds are reallocating from gold and foreign exchange reserves to support crypto investments.