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.
“Institutions, sovereigns, patient pools of capital were piling in,” he said. “Retail via the ETF were exiting. So you’ve got to ask yourself, what do the institutions know?”
That institutional conviction is now being formalized. Earlier this week, Strike CEO Jack Mallers and Cantor Fitzgerald’s Brandon Lutnick unveiled Twenty One Capital, a new bitcoin investment company backed by Tether, Bitfinex, and SoftBank.
The company will launch with more than 42,000 BTC and is expected to trade publicly under the ticker “XXI” after merging with Cantor Equity Partners, a $200 million
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