Bitcoin's latest slide that saw it briefly dip below $60,000 on Friday has done little to shake institutional conviction, according to Coinbase Head of Institutional Strategy John D'Agostino, who said many large investors are using the downturn as an opportunity to accumulate.
Speaking on CNBC's Squawk Box segment on Monday, D'Agostino said family offices and sovereign wealth funds are continuing to buy at a discount.
"I can tell you that the family offices and the government and sovereign funds that are putting the effort into buying this asset class are not unhappy at being able to buy it at a discount," D'Agostino said. "They loved it at $125,000, they liked it at $100,000, and they love it even more at $65,000."
Bitcoin dropped as low as $59,200 on Friday for the first time since October 2024 in its latest slide that has seen (BTC) lose roughly 50% from its October 2025 high of over $126,000.
Despite the weakness, D'Agostino argued that institutional sentiment is still strong, pointing to continued investments in market infrastructure and resilient ETF ownership.
"We're still at about $100 billion of bitcoin ETF exposure," he said. "The price has dropped almost 50% from the peak, and we've only seen about 15% draw down in the retail interest."
His comments echoed a note from Bernstein analysts published Monday, which described bitcoin's downturn as a "boring cycle" and said the asset's long-term store-of-value thesis remains intact despite $2.6 billion in year-to-date net outflows from spot bitcoin ETFs.
D'Agostino also downplayed concerns that large leverage bitcoin holders could be forced into major liquidations if prices continue to fall.
"The advantage for some of the larger entities that hold bitcoin with leverage is they seem to have an endless ability to go into the market and bring in more capital to support their buying activities," he said, adding that he was not aware of any major institutional players that were "horrifically overlevered."
Buying the bitcoin dip
Bitcoin treasury companies are indeed still adding to their holding despite the turbulence. Strategy disclosed Monday that it purchased another 1,550 BTC for around $101 million after revealing it sold 32 BTC at the end of May.
Although the sale was just a tiny fraction of Strategy's total stash and was not the first time it trimmed its holdings, the disclosure rattled the market. Earlier in May, Chairman Michael Saylor even suggested the company might eventually sell small amounts to help "inoculate the market" to that possibility.
D'Agostino also pointed to ongoing legislative efforts in Washington as another sign that the industry is maturing. More than 200 digital asset companies and organizations, including Coinbase, urged Senate leaders on Monday to bring the Clarity Act, a U.S. crypto market structure bill, to a floor vote.