Bitcoin’s recent fall below USD 60,000 has once again alarmed some in the market, amid months marked by capital outflows from spot ETFs, leveraged position liquidations, and an increasingly uncertain macroeconomic environment. Still, while the price volatility was reflected on screen, some of the most important buyers within the ecosystem appeared to be moving in the opposite direction.
John D’Agostino, head of institutional strategy at Coinbase, said in an interview with CNBC that sovereign wealth funds, family offices, and other large investors are taking advantage of the correction to increase their exposure to Bitcoin. As describedthose who have thoroughly studied the investment theory of assets do not consider the current price a warning.but as an opportunity to accumulate at levels much lower than those seen during the 2025 bull market.
I can tell you that family offices, governments and sovereign wealth funds looking to acquire this asset class are very happy to be able to buy at a discount (…) They love it at $125,000, they love it at $100,000, and they love it even more at $65,000.
-John D’Agostino.
Bitcoin hit $59,200 last Friday, its lowest since October 2024, but D’Agostino defended his idea despite the drop, emphasizing: Institutional capital continues to show significant resistanceinvolves the construction of infrastructure, strategic missions, and continuity of long-term bets.
One of Coinbase’s main arguments supporting that view is that This is due to the movement of Bitcoin spot ETFs in the US. Although these funds have recorded net outflows for most of 2026, their total exposure remains high. D’Agostino said ETFs still have a concentration of about $70 billion in assets related to Bitcoin, which he believes is significant for an asset that has undergone such a large correction.
From that point of view, The decline did not cause a mass capitulation of traditional investors.. He added that despite the magnitude of the decline, the decline in interest in retail was slower than expected.
This reading is consistent with reports Bernstein sent to clients. The company’s analysts described the current bear market as a “boring cycle” and argued that the theory of Bitcoin as a store of value remains valid. The underlying idea is that the market is undergoing a strong correction.However, this does not necessarily mean that the interest in the asset is structurally broken.
Another concern in recent weeks has been the possibility of forced liquidations by large, highly leveraged Bitcoin holders, which could add to downward pressure. D’Agostino downplayed that risk. As he explained, Many financial institutions use leverage to maintain continued access to new sources of capital.This allows you to strengthen your position without having to rush to sell during a sharp decline. In his reading, there is no evidence that key organizational actors are overleveraged.
The follow-up that Strategy received makes the previous point relevant.Michael Saylor’s company, whose Bitcoin accumulation model is partially supported by debt and other financial instruments. As CriptoNoticias explains, days after discovering the sale of 32 BTC at the end of May, rather than reducing its exposure, the company bought 1,550 BTC again this week for approximately $101 million.
Beyond price, D’Agostino believes: The market is entering a stage of greater institutional maturityl, the long-term impact may be greater than the short-term volatility. As an example, he cited regulatory progress in Washington. This week, more than 200 companies and organizations in the digital asset space asked the U.S. Senate to move forward with a vote on the Clarity Act, a project aimed at providing a clearer regulatory framework for the industry. The proposal joins other recent efforts related to stablecoins, digital asset management, and market structure, against a backdrop of growing political interest in unifying cryptocurrencies within more defined rules.
The big question is whether the current decline signals a new phase of accumulation. Or it simply reflects long-term optimism on the part of big business. Historically, periods of greater pessimism have coincided with buying by investors with longer horizons. This time around, the logic appears to be borne out by sovereign funds, family offices and corporations that have continued to enter the market even during the downturn. For now, the message Coinbase is leaving is clear. The correction did not dampen institutional investor belief, but rather opened a long-awaited buying window for many.
(Tag translation) Bitcoin (BTC)
