According to Matt Hougan, Harvard increased its bitcoin investment in Q3 from 117 million to 443 million and raised its gold ETF allocation from 102 million to 235 million. According to Matt Hougan, this reflects a debasement trade with a two-to-one tilt toward bitcoin over gold. According to Matt Hougan, traders watching institutional flows may read the 2 to 1 BTC to gold allocation as supportive for BTC relative strength versus gold and relevant for momentum and allocation decisions.