Bitwise Says Bitcoin Bear-Market Floors Are Rising as Institutions Buy the Dip

Cryptocurrency markets were once dominated largely by speculative retail traders, fueling sharp swings in Bitcoin during bear markets. Asset manager Bitwise says Bitcoin is evolving from a speculative instrument into a mature asset as professional institutional investors take the lead and incorporate it into portfolio allocations. The shift is fundamentally changing Bitcoin’s market structure, with price floors rising in each successive cycle—a key indicator for the cryptocurrency market’s long-term stability.

In mid-July 2026, Bitwise senior investment strategist Juan Leon said Bitcoin had fallen only about 50% in the current downturn, well below its declines of 84% in 2018 and 78% in 2022. Despite the AI boom drawing capital away, public companies bought about 110,000 bitcoins in the second quarter of 2026, equivalent to 1.8 times their combined purchases in the previous two quarters, indicating that institutions are buying the dip.