Asset manager Bitwise said in a report on Monday that the price of bitcoin fell by 12% in the second quarter, but that did not stop institutional investors from significantly increasing their allocations to BTC exchange-traded funds (ETFs). Matt Hougan, chief investment officer at Bitwise, wrote: "The biggest question in the cryptocurrency space right now is whether institutional and professional investors will allocate to cryptocurrencies on a large scale." The report noted that the total number of institutional investors holding bitcoin ETFs in the second quarter increased by 14% from Quarter 1, from 965 to 1,100. Bitwise said that the share of these investors in the total assets under management (AUM) of bitcoin ETFs also increased from 18.74% to 21.15%, adding that the value of institutional holdings of BTC ETFs was $11 billion as of the quarter.