April Rally Bitcoin Driven by Institutions, ETFs Abandoned by Retail: This is What a Coinbase Executive Says
The recent surge in Bitcoin (BTC) prices reaching $93,000 was not driven by retail exchange-traded fund (ETF) buyers, but rather by large institutions with stable funds. According to John D’Agostino from Coinbase Institutional in an interview with CNBC, this increase was triggered by quiet accumulation by institutional investors and sovereign wealth funds since early April, while retail investors were actually pulling their funds from spot ETFs.
Main Reasons for Bitcoin Price Increase
D’Agostino outlined three main reasons why large institutions and sovereign wealth funds are interested in Bitcoin. First, there is de-dollarization, where they are reducing exposure to the US dollar as trade weakens. Second, Bitcoin is starting to detach from its identity closely associated with technology, such as Nvidia.
