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Big money bought the dip 💰

Big money bought the dip 💰

As the crypto market rallied, Coinbase revealed that sovereign wealth funds and other institutional investors had bought into Bitcoin as retail investors exited.

Stephen Graves
April 24, 2025

📝 What you need to know

During April’s crypto market downturn, retail investors reduced their exposure to Bitcoin—while institutional investors, including sovereign wealth funds, bought the dip.

That’s according to Coinbase Institutional’s head of strategy John D’Agostino, who argued that Bitcoin’s price action over the past month reflects the cryptocurrency “trading on its core characteristics,” including scarcity, immutability, and portability.

Elsewhere, XRP was buoyed by news that CME Group plans to debut XRP futures on its derivatives marketplace—erasing the cryptocurrency’s losses Thursday morning as the crypto market rally briefly stalled.

Sovereign Wealth Funds Bought Bitcoin as Retail Pulled Back: Coinbase Exec

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📊 MYRIAD Market of the Day

Fear and Greed Index at 53 or higher on April 25?

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💬 Quote of the Day

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“Institutions, sovereigns, patient pools of capital were piling in during April, which resulted in about a 13% increase in Bitcoin versus 10.5% for gold—and retail via the ETF were exiting. So you got to ask yourself, what do the institutions know that retail doesn't?”

Coinbase Institutional head of strategy John D'Agostino

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