What to know:

  • Bitcoin's rise to $93,000 is attributed to institutional investors rather than retail ETF buyers, according to Coinbase Institutional's John D’Agostino.

  • The recent rally was driven by institutions and sovereign wealth funds accumulating Bitcoin, while retail investors were withdrawing from spot ETFs.

  • A new Bitcoin investment company, Twenty One Capital, backed by Tether, Bitfinex, and SoftBank, is set to launch with over 42,000 BTC and trade publicly under the ticker "XXI."

Bitcoin’s (BTC) breakout to $93,000 is being driven by deep-pocketed institutions, not retail exchange traded-fund (ETF) buyers, said Coinbase Institutional's John D’Agostino on CNBC.

The rally began in early April, as institutional investors, and sovereign wealth funds quietly accumulated BTC with their "patient pools of capital" while retail investors were still pulling capital from spot ETFs.

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