Bitcoin fell below $60,000 this week for the first time since October 2024, touching a low that has drawn a clear institutional response. Coinbase's head of institutional strategy, John D'Agostino, went on CNBC to say that family offices, sovereign-linked buyers and other large players are using the selloff to accumulate. At press time, Bitcoin had recovered to $63,345.
Institutional response
D'Agostino described the institutional infrastructure around Bitcoin as 'shockingly stronger' compared to prior drawdowns. He highlighted that his firm is seeing consistent buying from institutional investors, not panic selling. 'They're treating this as an accumulation opportunity,' he told CNBC. The comment comes as Bitcoin trades about 50% below its all-time peak — a drop that would have triggered much louder alarm bells in previous cycles.
ETF and retail picture
Roughly $100 billion in Bitcoin ETF exposure remains in the market, D'Agostino said. Retail interest has declined only about 15% even with the price cut in half, a sign that the base of long-term holders is stickier than in past selloffs. That relative stability, combined with institutional flows, is keeping the market from cascading lower.
Washington bills
D'Agostino also pointed to seven bills circulating in Washington related to market structure and tax reform. He argued those could further strengthen the regulatory framework supporting Bitcoin and other crypto assets. None of the bills have passed yet, but the volume of legislative activity itself is a shift from the regulatory stalemate of earlier years.
Leverage concerns
One reason the selloff hasn't turned into a forced liquidation event: D'Agostino said no large institutional Bitcoin holders are 'horrifically over levered' to a degree that would force selling. The overhang, he noted, is concentrated among retail traders on offshore exchanges. That distinction matters, because institutional positions are less likely to dump into a falling market.
