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Sovereign wealth funds and other institutional investors were actively accumulating Bitcoin during April 2025, according to John D’Agostino, head of strategy at Coinbase Institutional. The trend points to a shift in market dynamics, with retail investors pulling back from ETFs and spot markets as large-scale buyers increase their exposure.
In a recent statement shared on CNBC, D’Agostino noted that Bitcoin continues to appeal to institutions as a hedge against currency devaluation and macroeconomic instability. He highlighted attributes such as scarcity, immutability, and non-sovereign portability as reasons why Bitcoin is gaining ground in institutional portfolios.
The commentary reflects a broader pattern of institutional engagement with digital assets. As geopolitical and monetary policy uncertainties persist, long-term investors are revisiting Bitcoin’s role as a store of value, particularly in comparison to traditional hedges like gold.
Coinbase’s observations come at a time when retail flows have softened, with many individual traders reducing exposure through ETFs and direct spot holdings. The divergence in behavior suggests that institutions may be positioning for long-term resilience while retail sentiment remains more reactive to short-term volatility.
Institutional accumulation, particularly from sovereign entities, may signal a maturing phase for Bitcoin as part of diversified treasury strategies. It also reinforces the cryptocurrency’s standing among a small set of assets viewed as durable under a range of macroeconomic scenarios.
