Bitcoin’s decline toward $60,000 has not resulted in a widespread pullback among large investors, according to John D’Agostino, head of institutional strategy at Coinbase.
summation
- Family offices and sovereign wealth funds are buying Bitcoin at lower prices instead of reducing their exposure.
- D’Agostino said it did not appear that major institutional holders were dangerously leveraged or likely to be forced into liquidation.
- Strategy added 1,550 bitcoins, keeping ETF exposure close to $100 billion despite the market decline.
He said family offices, governments and sovereign wealth funds continue to use low prices as an entry point.
Bitcoin was trading around $63,200 on June 9, after falling about 50% from its record $126,000 in October 2025, according to crypto.news market data. Although the sharp decline dampened market sentiment, D’Agostino said institutional demand remains more stable than price action suggests.
Coinbase Sees Institutional Bitcoin Demand Holding Companies
“They liked $125,000, they liked $100,000, they liked $65,000 even more,” D’Agostino said in a CNBC interview. He described the buyers as long-term allocators who have completed extensive reviews before entering an asset class.
These investors often build positions over the long term instead of reacting to daily movements. D’Agostino said the recent decline has allowed some institutions to acquire Bitcoin at levels they already found attractive during previous rallies.
D’Agostino also pointed out that it holds about $100 billion in spot Bitcoin through exchange-traded funds. He said that even though Bitcoin has fallen by nearly half of its peak value, retail interest related to the product has fallen by about 15%.
Bernstein analysts also described the recession as a quieter market cycle rather than a collapse of Bitcoin’s store of value case. As crypto.news previously reported, spot Bitcoin ETFs saw net outflows of $2.6 billion in 2026, while corporate Treasury purchases helped keep institutional demand positive.
Separately, as previously reported, the spot Bitcoin ETF recorded 13 consecutive outflow days through June 5, its longest consecutive outflow day since launch. Withdrawals were uneven across funds and did not amount to complete withdrawals from institutions. Bitcoin later recovered above $63,000, but remained down more than 10% for seven days as of June 9.
Respond to concerns about forced selling through strategic purchasing
Strategy added 1,550 bitcoins to $101.3 million between June 1 and June 7, as previously reported. The company paid an average of $65,332 per coin, bringing its total holdings to 845,256 bitcoins.
The purchase comes after Strategy sold 32 bitcoins in late May. The company also increased its dollar reserves to $1 billion. The average acquisition cost across all Bitcoin positions was $75,680, according to the filing.
D’Agostino said he was unaware of any major institutional holders who were “horribly overleveraged” or were imminent liquidation. He added that continued access to funding depends on market conditions, but larger companies are often able to raise new capital to support their positions.
This opinion does not eliminate the risks facing Bitcoin. ETF outflows, weaker retail activity, and further price declines could still test institutional demand.
However, current buy-and-hold ETF exposure shows that large investors did not respond to the recession with widespread selling.