Bitcoin slid below $60,000 for the first time since October 2024 on Tuesday, touching a low of $59,099. That's a drop of more than 50% from the all-time high near $126,000. But the slide hasn't spooked everyone — some of the biggest institutional players are still buying.
Institutional buyers stay in the game
John D'Agostino, Coinbase's head of institutional strategy, told CNBC that large investors view the pullback as a chance to accumulate at a discount, not a reason to panic. Abu Dhabi's Mubadala Investment Company — a $330 billion sovereign wealth fund — reported holding 14.7 million shares of BlackRock's iShares Bitcoin Trust (IBIT) as of March 31, a 16% increase from the prior quarter. That marks four straight quarters of accumulation, even as Bitcoin lost roughly 40% from its peak.
D'Agostino also noted that Bitcoin ETFs still hold about $100 billion in total exposure, despite the price being nearly halved. BlackRock's IBIT alone manages roughly $51.9 billion, or about 45% of all spot Bitcoin ETF assets. Retail interest, he added, has only drawn down about 15% from its high.
Strategy's tiny sale, big noise
Michael Saylor's firm, Strategy, sold just 32 bitcoins between May 26 and May 31 for around $2.5 million. That's 0.004% of its total stash of more than 843,000 BTC. The sale triggered a sharp negative reaction in the market — a reminder of how closely traders watch every move by the company.
Macro headwinds and regulatory tailwinds
D'Agostino cited a 100-day war with Iran and the closure of the Strait of Hormuz as macro pressures weighing on risk assets globally. He pointed out that crude oil remains below $100 a barrel, suggesting the impact isn't as severe as some fear.
On the policy side, the Digital Asset Market Clarity Act — known as the CLARITY Act — cleared the Senate Banking Committee on May 14 with a 15-9 vote. It's the first comprehensive crypto regulatory framework to reach the Senate floor. A separate bill, the PARITY Act, which tackles crypto taxation, is moving on its own track with bipartisan support.
Who's exposed
D'Agostino said he's not aware of any major institutional players that are 'horrifically overleveraged' at current prices. The bigger risk, he argued, remains with retail traders on offshore exchanges that offer extreme leverage.
The CLARITY Act now heads to the full Senate for a vote. No date has been set, but the bill's advance marks the most concrete step toward U.S. crypto regulation in years.
