Sovereign wealth funds are quietly driving bitcoin adoption, says @CoinbaseInsto's John D’Agostino. Institutions buy direct while retail exits ETFs—mirroring gold's dual market. A shift is underway. 🚀🌍 - Sovereign wealth funds are accumulating bitcoin as a hedge against de-dollarization and inflation. - Bitcoin ETFs saw 470M outflows in April, but direct institutional buying pushed prices up 13%. - Experts like @Matt_Hougan predict sovereigns will use both ETFs and direct holdings, similar to gold’s market structure.