According to Bitwise CIO Matt Hogan, it seems that institutional investors are demonstrating a resilience among Bitcoin holders that critics may not have anticipated. Recent ETF flow data indicates that professional investors largely kept their positions even during the crypto market downturn.
“The strongest evidence we have is in the ETF market,” Hogan remarked. “Bitcoin ETFs have gathered around $60 billion in net inflows from January 2024 to October 2025. Although prices have dropped by 50% since October 2025, the outflows from the ETFs have been notably less than $10 billion.”
Hogan also mentioned to CoinDesk that Bitcoin exchange-traded funds saw about $60 billion in net inflows during that same time frame. Despite the subsequent 50% decline in crypto prices, outflows from these ETFs have remained below $10 billion.
“So, even in a tough bear market, it appears professional investors are showcasing ‘diamond hands’ when it comes to Bitcoin,” he explained. Bitwise, the company Hogan represents, provides various digital asset investment products, including the Bitwise Bitcoin ETF (BITB), which manages nearly $3 billion in assets. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack with over $55 billion in assets.
Bitcoin stays a “non-consensus asset”
Hogan points out that this data challenges the prevalent view that institutional investors, being more attuned to macroeconomic changes and liquidity issues, would quickly offload their Bitcoin holdings during turbulent times. He suggests that, contrary to that belief, a different trend might be unfolding now.
“Even with recent progress, Bitcoin still remains an asset without consensus,” he noted. “The institutional buyers of Bitcoin today are stepping out from the herd.”
This situation implies that financial institutions investing in Bitcoin possess notably strong convictions about the asset, according to Hogan. He detailed that those making allocation decisions among institutional investors exhibit high levels of confidence. “They are not just somewhat sure that Bitcoin is a sound investment; they’re 80% or 90% certain. Otherwise, they wouldn’t dare take such risks,” Hogan said.
As a result of these factors, he believes that institutional capital is likely to remain “very stable” through future periods of market volatility.
The million-dollar BTC question
Hogan mentioned that the behavior of institutional investors during the economic decline reinforces his long-term prediction of Bitcoin reaching $1 million, which he emphasized during the discussion.
“The craziest part of my $1 million forecast is that it’s really not as crazy as it sounds,” Hogan explained. “All it takes for Bitcoin to hit $1 million is for the global store of value market to keep expanding as it has over the last 20 years and for Bitcoin to secure a significant role in that market.”
Hogan believes that the ongoing resilience of institutional investors amid market shifts is part of Bitcoin’s broader maturation process.
“If the developments of the last 10 to 20 years continue for another decade, I think we’ll get there,” he concluded.
