Coinbase · Bitcoin · United Arab Emirates · Bitcoin Magazine
Coinbase Executive: Large Institutions Are Buying Bitcoin’s Crash
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Despite Bitcoin's 50% collapse from its all-time high, Coinbase's head of institutional strategy says sovereign wealth funds, family offices, and major institutions are aggressively buying the dip.
Key facts
- Strategy appeared to underscore that point Monday, disclosing it purchased an additional 1,550 BTC for $101 million, buying the dip at approximately $65,000 per coin days after selling 32 coins
- Bitcoin fell below $60,000 for the first time since October 2024 on Monday, sinking as low as $59,099, a move that marks a decline of more than 50% from its all-time high near $126,000
- Saylor’s firm executed the sale of 32 bitcoins between May 26 and May 31 for approximately $2.5 million, a move that rattled market sentiment even though it represented 0.004% of Strategy’s total
- BlackRock’s iShares Bitcoin Trust alone held roughly $51.9 billion in assets under management as of earlier this year, representing approximately 45% of all spot Bitcoin ETF assets
Summary
Bitcoin fell below $60,000 for the first time since October 2024 on Monday, sinking as low as $59,099, a move that marks a decline of more than 50% from its all-time high near $126,000. But according to John D’Agostino, Coinbase’s head of institutional strategy, the drop is being welcomed, not feared, by the most sophisticated players in the market. Appearing on CNBC’s Squawk Box Monday morning, D’Agostino said the institutional investors he speaks with regularly are viewing the pullback as an opportunity to accumulate at a discount, not a reason to panic.