CoinMeta data: Bitwise Research Director Ryan Rasmussen stated in an interview with Bitcoin Magazine that during the period when BTC fell from $125,000 to $60,000, none of the 15 large institutions surveyed by Bitwise sold Bitcoin; in fact, some institutions increased their holdings. The participants included pension funds, endowment funds, foundations, and sovereign wealth funds. He mentioned that institutions typically consider BTC together with gold as assets to hedge against currency devaluation, with some institutions allocating about 2%–8% of their portfolios to this, and among them, Wells Fargo allocated around 2%–3%. He also noted that some sovereign wealth funds are selling part of their gold and shifting to Bitcoin. Bitwise believes that spot ETF has expanded the channels for institutional capital to enter the market, resulting in a smaller decline this time compared to previous cycles. Recently, the weekly inflow reached approximately $2.5 billion, and it is judged that $60,000 may have constituted the bottom of this round of BTC.