Institutional investors held firm through bitcoin’s downturn, Bitwise CIO Matt Hougan says

Bitwise CIO Matt Hougan stated that institutional investors demonstrated remarkable resilience during Bitcoin's recent 50% price decline, evidenced by ETF flow data. Bitcoin ETFs accumulated about $60 billion in net inflows from January 2024 to October 2025, and since the subsequent 50% drop, outflows have been less than $10 billion, suggesting professional investors acted as 'diamond hands.' Hougan argues that because Bitcoin remains a 'non-consensus asset,' institutions allocating capital now possess unusually high conviction, making their holdings 'very sticky' through volatility. This institutional behavior supports his long-term prediction that Bitcoin could reach $1 million, requiring only the continuation of historical growth in the global store of value market with Bitcoin capturing a small but material share.

(Source：CoinDesk)