Bitwise Research Head: Sovereign Wealth Funds Are Rotating from Gold to Bitcoin

Bitwise research head Ryan Rasmussen reported that institutional investors, including pension funds and sovereign wealth funds, are increasingly viewing Bitcoin as a hedge against currency devaluation. According to the firm's latest institutional adoption report, surveyed institutions did not sell during the price correction from $125,000 to $60,000, with many opting to increase their holdings. Rasmussen noted that sovereign wealth funds are actively selling gold to purchase Bitcoin, which he identifies as a potential market bottom at $60,000.