John D'Agostino, Coinbase's head of institutional strategy, stated that institutions building long-term bitcoin positions are not rattled by the recent drawdown and welcome the opportunity to buy at lower prices. Speaking on CNBC's Squawk Box, D'Agostino said family offices and government and sovereign funds that are putting effort into buying bitcoin are not unhappy at being able to buy it at a discount. The comments came as bitcoin tumbled toward its lowest levels of the year, reaching a 2026 low of $59,100 last week, with the broader crypto market capitalization falling below $2.1 trillion for the first time in years.
D'Agostino Describes Institutional Buying Behavior at Lower Price Levels
D'Agostino stated that conviction buyers measure value differently than traders chasing momentum. He argued that institutions willing to accumulate bitcoin at $100,000 and $125,000 are even more interested around the $60,000 level. The Coinbase strategist said deep-pocketed investors building long-term bitcoin positions welcome the drawdown.
D'Agostino has repeatedly described bitcoin as a gold-style macro hedge, positioning the asset as a long-duration store of value rather than a speculative trade. He pointed to resilient ETF ownership despite recent outflows. The distinction he draws is between fast money, leveraged traders forced out during liquidation cascades, and patient institutional capital that tends to accumulate quietly when prices fall.
![Tweet discussing Coinbase analysts views on Bitcoin's recent dip.]()
UAE Family Offices and Sovereign Funds Purchase Bitcoin During Selloff
D'Agostino tied his comments to firsthand observations from a recent trip to the Middle East. He said family offices in the United Arab Emirates, along with government and sovereign wealth funds, have been actively purchasing bitcoin at current valuations. Far from retreating during the selloff, these buyers have treated the discount as an opportunity to add exposure.
Luxembourg's sovereign fund recently took a historic step into bitcoin exchange-traded funds, becoming one of the first Eurozone state funds to do so. D'Agostino argued that the ETF picture is more resilient than the outflow headlines suggest, pointing to continued investment in market infrastructure and a base of long-term holders that has not rushed for the exits.
Bitcoin Drops to $59,100 as Fear and Greed Index Hits Extreme Fear
Bitcoin slid to a 2026 low of $59,100 last week, dragging the broader market's total capitalization below $2.1 trillion for the first time in years. The crypto fear and greed index dipped to an extreme fear reading of 8 yesterday, recovering slightly by 2 points over the past 24 hours.
Bitcoin is changing hands near $63,500, a level analyst Charles Edwards says lines up with the network's average production cost. Skeptics note that a Coinbase executive has an obvious interest in projecting institutional confidence, and that anecdotes about sovereign buyers are hard to verify in real time.
FAQ
What did John D'Agostino say about institutional bitcoin buying?
John D'Agostino, Coinbase's head of institutional strategy, stated on CNBC's Squawk Box that family offices and government and sovereign funds are not unhappy at being able to buy bitcoin at a discount. He said institutions that were willing to accumulate bitcoin at $100,000 and $125,000 are even more interested around the $60,000 level.
What did bitcoin's price drop to recently?
Bitcoin dropped to a 2026 low of $59,100 last week. The broader crypto market capitalization fell below $2.1 trillion for the first time in years, and the crypto fear and greed index dipped to an extreme fear reading of 8 yesterday before recovering slightly by 2 points over the past 24 hours.
Which institutions did D'Agostino say are buying bitcoin?
D'Agostino said family offices in the United Arab Emirates, along with government and sovereign wealth funds, have been actively purchasing bitcoin at current valuations. He tied these comments to firsthand observations from a recent trip to the Middle East.
