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.
D’Agostino made an appearance on CNBC’s Squawk Box this Monday. said The institutional investors that he regularly speaks to see the pullback not as a cause for panic, but rather an opportunity to acquire at a discounted price.
“I just got off a plane from the Middle East, and I can tell you that the family offices in the UAE and the government and sovereign funds that are putting the effort into buying this asset class are not unhappy at being able to buy it at a discount,” D’Agostino said.
Recent data shows that institutional buyers have continued to buy through the recession.
Abu Dhabi’s Mubadala Investment Company — a $330 billion sovereign wealth fund — reported holding 14.7 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of March 31, 2026, a 16% increase quarter-over-quarter, marking four consecutive quarters of accumulation even as BTC declined roughly 40% from its all-time high.
“100 Billion Dollars of Bitcoin ETF Exposure”
D’Agostino said that despite Bitcoin’s sharp correction, the ETFs continue to hold around $100 billion of exposure even after it’s price dropped by nearly 50%.
“The price has dropped almost 50% from the peak, and we’ve only seen about a 15% drawdown in retail interest,” D’Agostino noted. “So I think both retail and institutional are signaling this is a long-term asset you want to hold.”
BlackRock’s iShares Bitcoin Trust alone held roughly As of early this year, $51.9 billion of assets were under management. This represents approximately 45% all Bitcoin ETF assets.
There are many reasons why people pull back.
Bitcoins’ growth is driven by a number of factors. “winter,” D’Agostino was largely in agreement with Squawk Box’s list, which included the following: risk off sentiment driving investors towards more liquid positions. Interest rates remain elevated, weakening a debasement trading thesis. “never sell” By selling a part of its Bitcoin holdings, the company can fulfill their pledge.
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 just 0.004% of Strategy’s total 843,000+ BTC holdings. This sale caused a negative reaction in the market that sent BTC below $72,000. The slide then continued.
D’Agostino also cited a 100-day war with Iran and the closure of the Strait of Hormuz as macro overhangs applying pressure to risk assets globally, while noting that crude oil has remained surprisingly subdued below $100 a barrel — a reminder that volatility in complex macro environments doesn’t always follow intuition.
D’Agostino also highlighted the bills that are currently being circulated in Congress, which he believes would improve the infrastructure for Bitcoin and other digital assets. The Digital Asset Market Clarity Act — known as the CLARITY Act — cleared the Senate Banking Committee on May 14, 2026 with a 15-9 vote, marking the first comprehensive crypto regulatory framework to advance to the Senate floor.
It is also a separate bill called the PARITY Act. addressing The crypto taxation legislation is also moving independently with bipartisan support.
Institutional panic is not necessary
D’Agostino was asked whether he knew of major institutions that might face forced liquidations and margin calls for leveraged investors. He said no. “horrifically overleveraged” At levels that are even close to the current price. The biggest risk, he said, is from retail traders who use extreme leverage on exchanges offshore.
“On the institutional side, I’m not seeing folks panicking at this point,” D’Agostino said. “I’m seeing them thinking about what the cheapest way is for them to acquire new capital to buy into an asset that they loved at $125K, they liked at $100K, and they love even more at $65K.”
The strategy Monday appeared to highlight this point. disclosing it purchased an additional 1,550 BTC for $101 million — buying the dip at approximately $65,000 per coin just days after selling 32 coins at $77,135 each.
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Source: bitcoinmagazine.com
