Coinbase: Institutions buying bitcoin at discounts

John D'Agostino, Coinbase's head of institutional strategy, said family offices and sovereign wealth funds were buying bitcoin after the price briefly fell below $60,000 last Friday, trading as low as $59,200 — the lowest since October 2024. The decline is roughly 50% from bitcoin’s October 2025 peak above $126,000.

He noted institutions still hold about $100 billion in bitcoin exchange-traded funds and that retail interest has fallen by roughly 15% from the peak, smaller than the price decline.

On leveraged positions, D'Agostino downplayed the risk of large forced liquidations, saying major leveraged holders appear able to inject more capital to support positions and that he was not aware of institutional players that were ‘horrifically overlevered.'

Analysts described the downturn as a routine market cycle and said bitcoin’s long-term store-of-value thesis remains intact. Spot bitcoin ETFs recorded about $2.6 billion in net outflows year to date.

Publicly traded companies that hold bitcoin continued buying. MicroStrategy reported purchasing about 1,550 BTC for roughly $101 million after disclosing a sale of 32 BTC at the end of May. The company's chairman has previously said the firm might sell small amounts at times to ‘inoculate the market.'

On policy, more than 200 digital asset firms, including Coinbase, urged Senate leaders to bring the Clarity Act, a U.S. crypto market structure bill, to a floor vote.