If i was an institutional investor and had Bitcoin in my portfolio i wouldn't see the need to sell it due to the pandemic.
I expect its a coincidence but it would be interesting to look at a longer term horizon and see is there a trend in changes because there is no doubt there is a significantly different investor profile now in bitcoin than was there in the past.
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To most of them, Bitcoin is still a high risk, high return asset in the portfolio. Thus it is typically first one to go when looking to get a better cash position ahead of a potential new crack.