As bitcoin tumbled toward its lowest levels of the year, John D’Agostino, Coinbase’s head of institutional strategy, offered a counter-narrative to the doom. Speaking on CNBC’s “Squawk Box,” he said the deep-pocketed investors building long-term bitcoin positions are not rattled by the drawdown (if anything, they welcome it), adding:

“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’s core point is that conviction buyers measure value differently than traders chasing momentum. Institutions that were willing to accumulate bitcoin at $100,000 and $125,000, he argued, are even more interested around the $60,000 level.

Image source: X

The Coinbase strategist 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.

The view tracks with reporting that Bitcoin.com News has covered before as D’Agostino has repeatedly described sovereign wealth funds betting on bitcoin as a gold alternative, positioning the asset as a long-duration store of value rather than a speculative trade. That thesis got a concrete data point recently when Luxembourg’s sovereign fund took a historic step into bitcoin exchange-traded funds (ETFs), becoming one of the first Eurozone state funds to do so.

D’Agostino’s optimism comes against a genuinely difficult backdrop given 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. Not only that, even 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).

Yet 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. The distinction he draws is between fast money, i.e. leveraged traders forced out during liquidation cascades, and the patient institutional capital that tends to accumulate quietly when prices fall.

In sum, the thesis is that bitcoin is maturing into a macro asset and sophisticated allocators are treating drawdowns such as the one being witnessed now as buying opportunities rather than reasons to flee.

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. Onchain and ETF flow data over the coming weeks will show whether the discount buying D’Agostino describes is broad enough to put a floor under prices.

If governments and family offices are indeed accumulating near multi-month lows, that demand could quietly absorb the supply hitting the market from forced sellers and nervous ETF holders. The next leg of the story will be written in the flow data!

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