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Bitcoin's slide below $60,000 on Friday — the first time the asset traded under that level since October 2024 — has done little to shake institutional conviction, according to Coinbase Head of Institutional Strategy John D'Agostino, who said family offices and sovereign wealth funds are using the downturn as a discount-buying window. Bitcoin briefly touched $59,200 before recovering, extending a roughly 50% drawdown from its October 2025 high above $126,000.
D'Agostino, speaking on CNBC's Squawk Box on Monday, framed the price action as an opportunity rather than a warning. "They loved it at $125,000, they liked it at $100,000, and they love it even more at $65,000," he said of the largest buyers. He also noted that spot bitcoin ETF exposure sits at roughly $100 billion despite the price drop — only about a 15% drawdown in ownership versus nearly 50% off the peak — suggesting holders have not been forced out.
Why it matters
The asymmetry between price and ownership is the real signal. If retail were capitulating in line with the chart, ETF balances would be bleeding in proportion to the drop. Instead, the relative resilience of $100B in ETF exposure during a peak-to-trough halving implies a holder base that is treating the move as a rebalancing event, not an exit. Bernstein analysts reinforced that read on Monday, calling the drawdown a "boring cycle" and reiterating the long-term store-of-value thesis despite $2.6B in year-to-date net outflows from spot bitcoin ETFs.
D'Agostino also pushed back on fears that leveraged large holders could be forced into cascading liquidations, arguing that the biggest entities retain an "endless ability" to bring fresh capital into the market. He said he was unaware of any major institutional players that were "horrifically overlevered" — a notable reassurance given the size of the move.
Market impact
The corporate-treasury bid is still active. Strategy disclosed Monday that it bought another 1,550 BTC for around $101 million, even after selling 32 BTC at the end of May — a trim Chairman Michael Saylor had earlier suggested could help "inoculate the market" to the possibility of small disposals.
Frequently asked questions
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How low did bitcoin go in this latest slide?
Bitcoin briefly touched $59,200 on Friday, the first time it traded below $60,000 since October 2024. The move extended a drawdown of roughly 50% from its October 2025 high above $126,000.
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What did Coinbase's John D'Agostino say about institutional buyers?
Speaking on CNBC's Squawk Box on Monday, D'Agostino said family offices and sovereign wealth funds are using the dip as a discount-buying window. He added: "They loved it at $125,000, they liked it at $100,000, and they love it even more at $65,000."
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How have spot bitcoin ETFs held up during the drawdown?
D'Agostino said spot bitcoin ETF exposure remains near $100 billion — only about a 15% drawdown in ownership versus nearly 50% off the price peak. Bernstein separately noted $2.6 billion in year-to-date net outflows but called the cycle "boring" and reiterated the store-of-value thesis.
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Did Strategy buy more bitcoin during the sell-off?
Yes. Strategy disclosed Monday that it purchased another 1,550 BTC for around $101 million, even after trimming 32 BTC at the end of May. Chairman Michael Saylor had earlier suggested small disposals could help "inoculate the market" to the possibility of sales.
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What is the Clarity Act and who is pushing for it?
The Clarity Act is a U.S. crypto market-structure bill. More than 200 digital-asset firms and organizations, including Coinbase and Ripple, urged Senate leaders on Monday to bring it to a floor vote — a sign the industry is pressing for regulatory clarity even through the drawdown.
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