Institutional investors are showing increased interest in Bitcoin at lower price levels, rather than during market peaks, according to Coinbase’s Head of Corporate Strategy, John D’Agostino. He indicated that the recent pullback of Bitcoin toward the $60,000 range has been widely viewed by major investors as a buying opportunity, not a cause for concern.
Accumulation remains strong among institutional players
D’Agostino commented that institutional confidence in Bitcoin remains intact, with significant investors having prepared for such conditions over the years. He explained that this segment of the market tends to favor accumulating Bitcoin during price declines rather than at higher levels.
John D’Agostino noted that family offices, sovereign wealth funds, and asset managers prefer to purchase such assets at lower valuations, so corrections do not discourage them but rather make Bitcoin more attractive.
Coinbase is among the largest U.S.-based crypto exchanges, distinguished by its custody, trading, and market infrastructure services for institutional clients. D’Agostino emphasized that most large players are not forced into selling, which enables them to retain their holdings during volatile periods.
Spot Bitcoin ETF exposure stays near $100 billion
He added that total exposure in spot Bitcoin ETFs still hovers around $100 billion. Despite Bitcoin’s price falling by nearly half, retail interest has only softened by about 15%. D’Agostino underlined that both retail and institutional participants continue to see Bitcoin as a long-term store of value.
The article also highlighted that the Bitcoin ecosystem now benefits from stronger institutional infrastructure, evolving regulations, and legislation aimed at supporting long-term growth. According to D’Agostino, these factors point to a process of accumulation, not disintegration, with prices around $60,000 perceived as far more attractive to big buyers than the previous six-figure highs.
Recent activity on the ground supports this trend. MicroStrategy continued its aggressive accumulation policy with a purchase of 1,550 BTC worth about $101 million. The company is well-known for holding substantial amounts of Bitcoin on its balance sheet in recent years.
Bernstein analysts offer a differing perspective
Analysts at Bernstein also weighed in on Bitcoin’s decline, attributing it largely to a slowdown in inflows. Their report highlighted that some individual investors have begun reallocating capital to stocks focused on artificial intelligence. Nevertheless, Bernstein did not view the correction as a structural threat.
The firm argued that sluggish momentum in early 2024 points to a more robust institutional base rather than severe deterioration. The report noted that net inflows from ETFs and corporate balance sheets have dropped from $60 billion in 2025 to $12 billion so far this year.
Bernstein’s analysts stressed that Bitcoin’s calmer price action in this cycle should not be seen as a disadvantage, adding it does not undermine the cryptocurrency’s long-term store of value thesis.
At the time of reporting, Bitcoin was trading at $62,724. Over the past 30 days, the asset has slipped 22% and is currently about 50% below its peak last October. Speaking on CNBC, both D’Agostino and host Joe Kernen cited a fall in broad risk appetite, migration toward alternative investments, higher interest rates, and regulatory uncertainty as key factors impacting the environment. Nevertheless, D’Agostino remarked that volatility is normal in commodity-like assets and, despite geopolitical risks, Bitcoin’s outlook remains promising.
