John D’Agostino, Head of Institutional Strategy at Coinbase Global Inc. (NASDAQ:COIN), said on Monday that institutional investors are happy at being able to purchase Bitcoin (CRYPTO: BTC) at a discount.
Whales Ready To Buy BTC Cheap?
During an interview with CNBC, D’Agostino said that investors, who have spent considerable time studying Bitcoin, are not dismayed by the cryptocurrency’s price dip.
“I can tell you that the family office is new in the UAE, and the government sovereign funds that are putting the effort into buying are not unhappy at being able to buy it at a discount,” said D’Agostino, who recently concluded a visit to the Middle East.
D’Agostino added that the infrastructure supporting Bitcoin and other cryptocurrencies is “shockingly stronger” currently than during previous bullish price periods, a factor that institutional investors weigh heavily.
“I’m seeing them [institutions] thinking about what the cheapest way is to buy an asset that they loved at $125,000, they liked at $100,000, and loved even more at $65,000,” the Coinbase executive said.
D’Agostino said that retail participation also appeared healthy, with upward of $100 billion in Bitcoin spot exchange-traded fund exposure.
“So I think both retail and institutional are signaling this is a long-term asset that you wanna hold,” he said.
It’s worth noting that Bitcoin ETFs have experienced over $4 billion in outflows over 12 consecutive trading days, the longest withdrawal streak since their launch, according to data from Coinglass.
Will Bitcoin Survive Current Onslaught?
D’Agostino’s insights mirrored those of Bitwise Chief Investment Officer Matt Hougan, who noted sustained institutional interest in cryptocurrency from financial advisors, pension funds, and wealth managers.
Veteran investor and Ark Invest CEO Cathie Wood echoed a similar view, stating that the biggest reason for her bullish stance on Bitcoin was institutional adoption.
Notably, Coinbase CEO Brian Armstrong defended Bitcoin last week, saying the asset is temporarily caught in a cycle that will end—and when it does, BTC is “going to do great.”
Price Action: At the time of writing, BTC was exchanging hands at $63,356.79, up 0.63% in the last 24 hours, according to data from Benzinga Pro.
Coinbase shares fell 0.41% in after-hours trading after closing 6.37% higher at $162.11 during Monday's regular trading session.
COIN stock underperformed in short-, medium- and long-term horizons, paired with a very low Momentum score, according to Benzinga's Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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