ChainCatcher news, according to Cointelegraph, Coinbase's Head of Institutional Strategy John D'Agostino revealed that in April 2025, institutional investors such as sovereign wealth funds are actively increasing their holdings of BTC, while retail investors are exiting through ETFs and the spot market.

D'Agostino compared Bitcoin to gold, emphasizing its scarcity, immutability, and the portability of non-sovereign assets, believing that institutional buyers see it as a hedge against currency inflation and macroeconomic uncertainty.