#BTCvsMarkets $BTC

John D'Agostino, Head of Strategy at "Coinbase Institutional", revealed that sovereign wealth funds and institutional investors have become the main drivers of Bitcoin accumulation in April, in contrast to the withdrawal of individual investors from Exchange-Traded Funds (ETFs).

**Key factors according to D'Agostino:**

1. **Sovereign Wealth Funds:** These funds (which manage international savings) are increasingly viewing Bitcoin as a strategic asset, reflecting a growing institutional confidence in the role of cryptocurrencies in the modern economy. These entities, which manage trillions of dollars globally, can reshape the dynamics of the Bitcoin market through long-term ownership.

2. **Three reasons for the trend:**

- **Reducing dependence on the dollar:** Due to concerns over the decline of American dominance following the announcement of tariffs in April, prompting funds to diversify their assets away from the dollar.

- **Decoupling of Bitcoin from technology stocks:** After being correlated with them during the COVID-19 pandemic.

- **Bitcoin as a hedge against inflation:** Similar to gold due to its scarcity and its nature of being outside government control.

3. **Bitcoin performance vs gold:** Despite $470 million leaving ETFs in April, the price of Bitcoin rose by 13% (higher than gold's gains of 10.5%) due to direct purchases from