Institutional Investors Drive April Bitcoin Rally As Retail Investors Exit, Coinbase Says
Sovereign wealth funds and other institutional investors drove this month’s Bitcoin rally, even as retail traders rushed for the exits, Coinbase said. “Institutions, sovereigns, patient pools of capital were piling in,” said John D’Agostino, head of strategy at Coinbase Institutional, in an interview with CNBC. “At the same time, the retail market was exiting—largely through ETFs.” D’Agostino said that many institutional investors are treating Bitcoin as a hedge against inflation and macroeconomic uncertainty, particularly because of concerns around President Donald Trump’s tariff policies. He compared Bitcoin’s current role in portfolios to that of gold. “Bitcoin is trading on its core characteristics, which again are similar to gold,” he said. “You’ve got scarcity, immutability, and non-sovereign asset portability.” D’Agostino went on to say that Bitcoin is on a “very short list o...