Bitcoin fell below $60,000 for the first time since October 2024 on Monday, sinking to $59,099 – a move that represents a 50% drop from its all-time high near $126,000.
But according to John D’Agostino, Coinbase’s head of institutional policy, the drop is welcomed – not feared – by the biggest players in the market.
Appearing on CNBC’s Squawk Box Monday morning, D’Agostino he said the institutional investors he talks to regularly see the recession as an opportunity to accumulate at a lower price, not something to fear.
“I just got off the plane from the Middle East, and I can tell you that the family offices in the UAE and the government and the independent funds that are doing their best to buy this class of products are not happy that they can buy it at a low price,” said D’Agostino.
His comments are in line with recent trends that show over-buying is on the decline.
Abu Dhabi’s Mubadala Investment Company – a $330 billion investment fund – report after holding 14.7 million shares of iShares Bitcoin Trust (IBIT) of BlackRock (IBIT) as of March 31, 2026, an increase of 16% quarter to quarter, showing four consecutive periods of accumulation even though BTC has fallen almost 40% from its all-time high.
“100 Billion Dollars of Bitcoin ETF Exposure”
Despite Bitcoin’s strong correction, D’Agostino pointed to some interesting statistics as proof of the sustained impact of the trade: Bitcoin ETFs still hold nearly $100 billion in exposure even after the price has dropped nearly 50% from its peak.
“Prices are down about 50% from their peak, and we’ve just seen a 15% drop in interest rates,” D’Agostino said. “So I think both retailers and corporations are showing that this is a long-term asset that you want to own.”
BlackRock’s iShares Bitcoin Trust alone held approx $51.9 billion in assets under management as of the beginning of this year, representing about 45% of all Bitcoin ETF assets.
Some reasons for the pullback
When he identified the drivers behind Bitcoin’s “autumn”, D’Agostino mainly agreed with the list given to the Squawk Box crowd, which included: the risk of thinking to push investors to a more liquid place; residual interest rates, weakening the business idea of being discounted; legal clarity that remains in the legislation; and Michael Saylor’s Strategy to break the long-term “never sell” promise by offloading part of the company’s Bitcoin HOLDINGS.
Saylor’s firm he did business of 32 bitcoins between May 26 and May 31 about $2.5 million – a move that rattled the market sentiment even though it represented just 0.004% of the total Strategy of 843,000+ BTC holdings. The sale took the BTC market below $72,000 before continuing.
D’Agostino also mentioned the 100-day war with Iran and the closure of the Strait of Hormuz as the main problems that are forcing the investment of the world economy, noting that unstable oil fell surprisingly below $ 100 a barrel – a reminder that instability in the most difficult places does not always follow.
On the legislative front, D’Agostino highlighted bills circulating in Congress that he said would strengthen the infrastructure to support Bitcoin and the digital economy at large. Digital Asset Market Clarity Act – known as the CLARITY Act – cleared the Senate Banking Committee on May 14, 2026 with a vote of 15-9, marking the first cryptocurrency regulation to go to the Senate.
A separate bill, the PARITY Act, Speaking crypto taxation, is also running on independent legislation with bipartisan support.
There is no fear at the organizational level
When asked about the risk of investors facing margin calls and being forced to cash out at lower prices, D’Agostino said he was not aware of any major players that were “overburdened” at levels near current prices. He said the biggest risk remains with the wholesalers in the offshore markets who offer a lot of opportunities.
“On the institutional side, I don’t see people panicking at this point,” D’Agostino said. “I see them thinking about the cheapest way to get new money to buy things that they like $125K, they like $100K, and they like $65K.”
Strategy appeared to emphasize this point on Monday, to reveal bought an additional 1,550 BTC for $101 million – buying a nearly $65,000 dip in the coin just days after selling 32 coins at $77,135 each.
