Bitcoin fell below $60,000 for the first time since October 2024 on Monday, falling to $59,099 — a move that represented a drop of more than 50% from its all-time high near $126,000.
But according to John D’Agostino, head of institutional strategy at Coinbase, the decline was welcomed — not feared — by the market’s more sophisticated players.
Appearing on CNBC’s Squawk Box Monday morning, D’Agostino He said The institutional investors he speaks to regularly view the downturn as an opportunity to accumulate at a discount, not a reason to panic.
“I just got off a plane from the Middle East, and I can tell you that the family offices in the UAE, the government and the sovereign funds that are making an effort to buy this asset class are not unhappy about being able to buy it at a discount,” D’Agostino said.
His comments are consistent with recent data showing continued institutional buying during the recession.
Mubadala Investment Company in Abu Dhabi – a $330 billion sovereign wealth fund – I mentioned Owns 14.7 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) as of March 31, 2026, an increase of 16% quarter-over-quarter, marking four consecutive quarters of accumulation even as BTC is down nearly 40% from its all-time high.
“$100 Billion Bitcoin Exchange Traded Funds Exposure”
Despite Bitcoin’s sharp correction, D’Agostino pointed to a startling statistic as evidence of enduring retail conviction: Bitcoin exchange-traded funds still maintain nearly $100 billion of exposure even after the price fell nearly 50% from its peak.
“The price is down about 50% from the peak, and we’ve only seen about a 15% drop in retail interest,” D’Agostino noted. “So I think both individuals and institutions are signaling that this is a long-term asset that you want to hold.”
BlackRock’s iShares Bitcoin Trust She was held almost alone $51.9 billion in assets under management as of earlier this year, representing about 45% of all spot Bitcoin ETF assets.
Some reasons for decline
When pressed to identify the drivers behind Bitcoin’s “winter,” D’Agostino largely agreed with the list provided by the Squawk Box host, which included: risk-off sentiment pushing investors toward more liquid positions; Interest rates remain high, which weakens the bear trade theory; Regulatory clarity remains in legislative limbo; Strategy’s Michael Saylor broke his long-standing pledge to “never sell” by offloading part of the company’s Bitcoin holdings.
Saylor Company Sold out of 32 BTC between May 26 and May 31 for approximately $2.5 million – a move that shook market sentiment even though it represented just 0.004% of Strategy’s total holdings of 843,000+ BTC. The sale sparked a sharp negative market reaction that sent Bitcoin falling below $72,000 before continuing the broader decline.
D’Agostino also pointed to the 100-day war with Iran and the closure of the Strait of Hormuz as macro pressures put pressure on global risk assets, while noting that crude oil has remained surprisingly low below $100 per barrel – a reminder that volatility in complex macro environments does not always follow intuition.
On the legislative front, D’Agostino highlighted bills currently circulating in Congress that he said would strengthen the institutional infrastructure that supports Bitcoin and digital assets more broadly. Digital Asset Market Clarity Act — Known as the law of clarity – The Senate Banking Committee approved on May 14, 2026 by a vote of 15 to 9, marking the first comprehensive regulatory framework for cryptocurrencies to reach the Senate floor.
Separate bill, parity bill, to treat Cryptocurrency taxes are also moving on a standalone legislative path with bipartisan support.
There is no need to panic at the institutional level
When asked about the risk of leveraged holders being exposed to margin calls and forced liquidations at low prices, D’Agostino said he was not aware of any major institutional players that were “horribly overleveraged” at levels close to current prices. The biggest risk remains that retail traders on offshore exchanges offer too much leverage, he said.
“On the institutional side, I don’t see people panicking at this point,” D’Agostino said. “I see them thinking about the cheapest way for them to get new capital to buy an asset they liked at $125,000, liked at $100,000, and like it even more at $65,000.”
The strategy seemed to underscore this point on Monday, Reveal It bought an additional 1,550 bitcoins for $101 million — buying the dip at about $65,000 per coin just days after selling 32 coins at $77,135 each.
