The fall of Bitcoin to $ 60,000 did not cause a broad retreat among large investors, according to the head of strategy of Coinbase Institutional John D’Agostino.
Summary
- Family offices and private funds are buying Bitcoin at lower prices instead of reducing exposure.
- D’Agostino says that the owners of large institutions do not appear to be dangerously powerful or close to forced liquidation.
- The strategy added 1,550 Bitcoin while the ETF exposure remained close to $100 billion despite the market decline.
He said family offices, governments, and wealth funds continue to take low rates as an entry point.
According to crypto.news market data, Bitcoin traded near $63,200 on June 9 after falling nearly 50% from its October 2025 record high of over $126,000. The sharp drop has weakened market sentiment, but D’Agostino said demand for the facility remains more stable than the price suggests.
Coinbase sees institutional Bitcoin demand holding firm
“They liked it at $125,000, they liked it at $100,000, and they liked it even more at $65,000,” D’Agostino said during a CNBC interview. He described buyers as long-term donors who complete extensive reviews before entering the property phase.
Such investors tend to build long-term positions instead of reacting to day-to-day movements. D’Agostino said the recent drop has allowed some institutions to acquire Bitcoin at levels they already considered attractive during the previous session.
In addition, D’Agostino pointed to approximately $100 billion held in Bitcoin exchange funds. He said retail interest attached to those products has fallen by about 15%, even though Bitcoin has lost about half of its peak value.
Bernstein analysts also explained the decline as a quiet market cycle rather than a fall in Bitcoin’s store value. As previously reported by crypto.news, Bitcoin ETFs recorded 2.6 billion dollars in total outflows during 2026, while the purchase of a financial company helped to keep the collective demand of the institution positive.
Separately, as previously reported, the Bitcoin ETF had recorded 13 consecutive days of outflows as of June 5, the longest such streak since its launch. The withdrawal was not uniform across funds and was not a complete exit from the institution. Bitcoin later recovered above $63,000, but remained down 10% in less than seven days since June 9.
Counters for buying strategies Concerns about compulsive selling
The 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 increased its total value to 845,256 Bitcoin.
The purchase followed Strategy’s sale of 32 Bitcoin in late May. The company also increased its cash reserves to $1 billion. Its filing showed an average acquisition cost of $75,680 across its entire Bitcoin portfolio.
D’Agostino said he was not aware of any facility owner that was “horribly bankrupt” or on the verge of liquidation. He added that large companies can raise new capital to support their positions, although continued funding depends on market conditions.
The comments do not eliminate the risks facing Bitcoin. ETF exits, weak sales activity, and further price declines may still test institutional demand.
However, current buying and holding ETF exposures indicate that large investors have not responded to the downturn with widespread selling.
