The recent fall of bitcoin below USD 60,000 once again set off the alarms in a part of the market, in the midst of several months marked by capital outflows from spot ETFs, liquidations of leveraged positions and an increasingly uncertain macroeconomic environment. Even so, while the price reflected volatility on the screens, some of the most relevant buyers in the ecosystem seemed to move in the opposite direction.
John D’Agostino, head of institutional strategy at Coinbase, noted in a interview with CNBCthat sovereign wealth funds, family offices and other large investors are taking advantage of the correction to increase their exposure to bitcoin. As explainedthose who have thoroughly studied the asset’s investment thesis do not see current prices as a warningbut as an opportunity to accumulate at levels much lower than those seen during the 2025 bull market.
I can assure you that family offices, governments and sovereign wealth funds that are striving to acquire this asset class are very pleased to be able to buy them at a discount (…) They loved it at $125,000, they liked it at $100,000 and they like it even more at $65,000.
-John D’Agostino.
Bitcoin reached USD 59,200 last Friday, its lowest point since October 2024, however, D’Agostino insisted on that idea by highlighting that, despite the fall, institutional capital continues to show notable resistancewith continuity in the construction of infrastructure, strategic assignments and long-term bets.
One of Coinbase’s main arguments to support that reading, It is in the behavior of spot Bitcoin ETFs in the United States. Although these funds have seen net outflows for much of 2026, total exposure remains high. According to D’Agostino, ETFs still concentrate around USD 70,000 million in assets linked to bitcoin, a figure that he considers significant for an asset that has suffered such a strong correction.
From that perspective, The decline has not caused a massive capitulation of traditional investors. Even, he added, the decline in retail interest has been more moderate than could be expected in the face of a decline of this size.
This reading coincides with a Bernstein reportsent to your clients. Its analysts described the current bearish stretch as a “boring cycle” and maintained that the thesis of bitcoin as a store of value still stands. The underlying idea is that the market is going through a strong correctionbut not necessarily a structural break in interest in the asset.
Another focus of concern in recent weeks has been the possibility of forced liquidations by large, highly leveraged bitcoin holders, something that could amplify the downward pressure. D’Agostino downplayed that risk. As he explained, many institutions with the use of leverage maintain constant access to new sources of financingwhich allows them to reinforce positions in times of weakness without having to sell hastily. In his reading, there is no evidence that the main institutional actors are excessively leveraged.
The previous point becomes relevant due to the follow-up that Strategy has receivedMichael Saylor’s company, whose bitcoin accumulation model is supported in part by debt and other financial instruments. Far from reducing its exposure, the company bought 1,550 BTC again this week for about USD 101 million, as CriptoNoticias explained, a few days after the sale of 32 BTC was known at the end of May.
Beyond the price, D’Agostino also believes that The market is entering a phase of greater institutional maturityl, something that could weigh more in the long term than short-term volatility. As an example, he mentioned regulatory advances in Washington. This week, more than 200 companies and organizations in the digital asset sector asked the United States 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 initiatives related to stablecoins, custody of digital assets and market structure, in a context of growing political interest in integrating cryptocurrencies within more defined rules.
The big question is whether the current decline is marking a new stage of accumulation or it simply reflects long-term optimism on the part of the big players. Historically, periods of greater pessimism have coincided with purchases by investors with longer horizons. On this occasion, the sovereign funds, family offices and corporations that continue to enter during the decline seem to support that logic. For now, the message that Coinbase leaves is clear: the correction has not weakened institutional conviction, but rather, for many, it opened a buying window that they had been waiting for.