Bitwise CIO says institutional investors maintained stable positions during the bitcoin crash

Bitwise CIO Matt Hougan stated that despite bitcoin's price dropping by about 50% since October 2025, institutional investors still largely hold bitcoin ETF positions. Hougan believes that since bitcoin remains a non-consensus asset, institutional investors face career risks and therefore usually have higher conviction, keeping their capital stable in volatile markets. He reiterated his long-term view that if the global store of value market continues to expand, bitcoin could reach $1 million.