- Institutional consensus on crypto remains exclusive to Bitcoin, with Ethereum and Solana viewed as conditional early-stage bets.
- Some institutions will exit their Ethereum and Solana holdings if rising network usage fails to translate into higher token prices.
- None of the institutions interviewed by Bitwise cut their crypto allocations during the market drawdown from October 2025 to April 2026.
A new report from Bitwise published Wednesday reveals a stark divide in institutional crypto strategy, finding that Bitcoin is the only digital asset with widespread consensus, while Ethereum and Solana are treated as conditional tech bets. The findings, based on 15 interviews conducted in March and April 2026, indicate that institutions holding ETH and SOL lack a clear value-accrual thesis and are monitoring network metrics closely. According to the report, these tokens are valued for their real-world applications rather than as direct competitors to Bitcoin.
Some institutions are entirely avoiding both tokens, with one heavily utilizing decentralized finance apps while seeing no clear mechanism for that activity to increase token value. Meanwhile, those that do hold these assets are doing so in smaller amounts with explicit conditions tied to network usage and fee accrual. “Something has to work. At some point, if this stuff doesn’t work, we’ll be out,” one decade-long institutional holder told Bitwise, highlighting the conditional nature of these investments.
Consequently, these holders are tracking stablecoin volumes and DeFi activity to determine if usage is translating into token price appreciation. If network use fails to lift values, institutional portfolios could potentially shrink to Bitcoin-only exposure, according to the report. Despite these concerns, the recent bear market has not yet deterred institutional investors, as none of those interviewed cut their allocations during the roughly 50% market decline between October 2025 and April 2026.
Bitwise Head of Research Ryan Rasmussen noted the convergence of institutional strategy in a statement, explaining that institutions approach crypto with Bitcoin as the anchor. “It’s Bitcoin as the anchor, often held alongside Gold, while Ethereum and Solana are earning their place,” Rasmussen said. Currently, Ethereum trades near $2,600, down over 3% in the past day, while Solana trades around $114, down over 1%, though retail sentiment on Stocktwits remains bullish for both.
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