Quick Read – COIN is down 33% YTD, but D’Agostino says UAE sovereign wealth funds and family offices are actively buying bitcoin at the 50% discount. – FBTC anchors a ~$100B bitcoin ETF complex that shed just 15% in retail interest against a 50% price plunge, a resilience not…
en in prior cycles. – Seven circulating regulatory bills targeting crypto market structure could lower institutional barriers and cement bitcoin as a long-term portfolio staple. – On Friday, June 5, Bitcoin fell below $60,000 for the first time since October 2024, putting the asset down roughly 50% from its peak. While Bitcoin has rebounded to over $63,000 as of Monday, June 8, it’s clear that crypto investors have missed out on the gains the market has seen so far this year
However, John D’Agostino, Head of Institutional Strategy at Coinbase, told CNBC on June 8 that both retail and institutional investors are treating crypto as a long-duration asset to buy and hold, signaling confidence in the asset. Coinbase (NASDAQ:COIN) trades at $161.49 after a 32.61% year-to-date drawdown, and spot bitcoin proxy Fidelity Wise Origin Bitcoin Fund (NYSEARCA:FBTC) is down 31.18% YTD. The behavioral question D’Agostino raises matters precisely because the tape looks ugly.
The Institutional “Buy The Discount” Signal D’Agostino frames institutional behavior as conviction buying. “I have the luxury of speaking to institutional investors. They’ve put months and years into looking at this asset class. So when they do that, and it’s cheaper, they like it,” he said.