Bitcoin’s fall toward $60,000 has not caused a broad retreat among large investors, according to Coinbase Institutional strategy head John D’Agostino.
Summary
- Family offices and sovereign funds are buying Bitcoin at lower prices instead of reducing exposure.
- D’Agostino says major institutional holders do not appear dangerously leveraged or close to forced liquidation.
- Strategy added 1,550 Bitcoin while ETF exposure remained near $100 billion despite the market decline.
He said family offices, governments, and sovereign wealth funds continue treating lower prices as an entry point.
According to crypto.news market data, Bitcoin traded near $63,200 on June 9 after falling roughly 50% from its October 2025 record above $126,000. The sharp decline has weakened market sentiment, but D’Agostino said institutional demand has remained more stable than the price action suggests.
Coinbase sees institutional Bitcoin demand holding firm
“They loved it at $125,000, they liked it at $100,000, and they love it even more at $65,000,” D’Agostino said during a CNBC interview. He described the buyers as long-term allocators that completed extensive reviews before entering the asset class.
Such investors often build positions over longer periods instead of reacting to each daily move. D’Agostino said the latest decline has allowed some institutions to acquire Bitcoin at levels they had already considered attractive during the earlier rally.
In addition, D’Agostino pointed to about $100 billion held through spot Bitcoin exchange-traded funds. He said retail interest linked to those products had declined by about 15%, even though Bitcoin had lost close to half its peak value.
Bernstein analysts also described the downturn as a quieter market cycle rather than a collapse in Bitcoin’s store-of-value case. As previously reported by crypto.news, spot Bitcoin ETFs recorded $2.6 billion in net outflows during 2026, while corporate treasury purchases helped keep combined institutional demand positive.
Separately, as previously reported, spot Bitcoin ETFs had recorded 13 consecutive outflow days by June 5, the longest streak since their launch. Withdrawals were uneven across funds and did not amount to a full institutional exit. Bitcoin later recovered above $63,000, but remained more than 10% lower over seven days as of June 9.
Strategy purchase counters forced-selling concerns
Strategy added 1,550 Bitcoin for $101.3 million between June 1 and June 7, as previously reported. The company paid an average of $65,332 per coin and raised its total holdings to 845,256 Bitcoin.
The purchase followed Strategy’s sale of 32 Bitcoin in late May. The company also increased its dollar reserve to $1 billion. Its filing showed an average acquisition cost of $75,680 across its total Bitcoin position.
D’Agostino said he was unaware of any major institutional holder that was “horrifically overlevered” or nearing liquidation. He added that larger companies can often raise new capital to support their positions, although continued access to funding depends on market conditions.
The comments do not remove the risks facing Bitcoin. ETF outflows, weaker retail activity, and further price declines could still test institutional demand.
However, current purchases and retained ETF exposure show that large investors have not responded to the downturn with widespread selling.
