Latest news with #JohnD'Agostino
Yahoo
14-05-2025
- Business
- Yahoo
Coinbase Adviser Says This Is What's Driving Bitcoin's Surge Above $100K
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Coinbase Institutional Head of Strategy John D'Agostino sheds light on Bitcoin's recent price action. There may still be more room for the demand for Bitcoin to grow. Standard Chartered digital assets research chief Geoffrey Kendrick has predicted that the asset will soon hit a fresh price record. Bitcoin appears to have regained its mojo. After a turbulent few months, the asset is again back above $100,000, less than 7% below its January price record of nearly $110,000. What has changed? Speaking on CNBC's 'Squawk Box' on Monday, Coinbase (NASDAQ:COIN) Institutional Head of Strategy John D'Agostino said several factors have been driving Bitcoin's performance in recent weeks. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . First addressing Bitcoin's performance shortly after the April 2 tariffs shock, he said that the asset decoupled from stocks as investors saw it as an inflationary hedge with a more favorable risk-to-reward potential than gold, which had already experienced a significant rally, reiterating previous remarks to CNBC. Now, D'Agostino told CNBC that Bitcoin's price has another driver: scarcity. He cited recent flows to spot Bitcoin exchange-traded funds, stating that these investment vehicles had seen roughly $5.5 billion in inflows in the past three weeks. 'Bitcoin miners cannot produce Bitcoin as fast as this overwhelming demand,' he said. Meanwhile, there may still be room for this demand to grow. D'Agostino told CNBC that while Bitcoin ETFs have performed 'absolutely phenomenally,' most wealth managers still do not let their financial advisers recommend them to clients. 'That's like a shoe salesman not being able to recommend Nike,' he said. 'So that's going to change at some point. And I'll sort of leave it to your viewers to determine what happens when that thundering herd of brokers can actually pick up the phone and recommend this ETF.' As of April 30, digital asset-focused investment firm Tephra Digital estimated that $31 trillion in capital on wealth management platforms remained restricted from accessing Bitcoin ETFs. 'Structural constraints are suppressing flows — and creating opportunity. That won't last forever,' the firm said at the time. Trending: New to crypto? on Coinbase. Amid Bitcoin's recent price momentum, Standard Chartered digital assets research chief Geoffrey Kendrick said last week that a fresh Bitcoin all-time high was 'all but assured,' adding that his $120,000 price target for Q2 'may be too low.' Like D'Agostino, Kendrick cited the strong Bitcoin ETF inflows over the past three weeks. He also pointed out that Strategy had ramped up current and future Bitcoin accumulation. The firm has added nearly $2 billion worth of the leading digital asset to its stash in the past month. It has also doubled its capital raise target for Bitcoin accumulation through 2027 to $84 billion. Kendrick also cited New Hampshire's passing of a strategic Bitcoin reserve bill into law, predicting that other states would follow. The law authorizes the state treasurer to invest up to 5% of public funds into digital assets with market capitalizations of at least $500 billion. Currently, only Bitcoin meets that requirement. At last look, Bitcoin is trading at $104,000, up 1% on the day and 10% in the past week. Polymarket bettors have put 52% odds that the asset will hit $110,000 in May. Read Next: A must-have for all crypto enthusiasts: . Hasbro, MGM, and Skechers trust this AI marketing firm — Image: Shutterstock Send To MSN: 0 This article Coinbase Adviser Says This Is What's Driving Bitcoin's Surge Above $100K originally appeared on
CNBC
12-05-2025
- Business
- CNBC
Bitcoin surges past $100K: Coinbase's John D'Agostino on the crypto rally
John D'Agostino, Coinbase Institutional head of strategy, joins 'Squawk Box' to discuss the latest bitcoin price trends, the comparison to gold vs. Nasdaq, state of cryptocurrency at large, regulation around crypto, and more.
Yahoo
25-04-2025
- Business
- Yahoo
CoinDesk Weekly Recap: Finally, the Bitcoin Rally
After several weeks on a plateau, bitcoin saw some action this week, climbing to more than $95,000 at press time. It was up 12% on the work-week, buoyed by better macro news and a feeling that the worst of tariff-mania may be over. The CoinDesk 20 — which tracks about 80% of crypto market cap — jumped 10%-plus in the last five days. In an interview with CoinDesk's Sam Reynolds, Coinbase Institutional's John D'Agostino attributed the rally to institutions and sovereign wealth funds accumulating bitcoin. Retail traders, by contrast, were tending to exit bitcoin ETFs, he said. Institutions continued to back bitcoin-accumulation vehicles. On Wednesday, 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. Twenty One will have the third largest bitcoin corporate treasury with 42,000 BTC, Reynolds and Francisco Rodrigues reported. There was increasing evidence from the options markets that traders are willing to hold BTC through market swings, which explains why bitcoin held relatively steady when stocks and bonds were diving in recent weeks. CoinDesk's market wizard Omkar Godbole reported on that. Bitcoin became the fifth most-valuable of all financial assets this week, surpassing Google's market cap for the first time. Not bad for a protocol that started as a hobby among cypherpunks 20 years ago. In other news, Zora's much-hyped token launch sagged a little on debut. Analysts said traders were weary of so-called 'VC tokens' with relatively little liquidity. 'The $ZORA launch highlights a recurring issue in Web3: overpromising and underdelivering,' Min Jung, a research analyst at Presto, told markets reporter Shaurya Malwa. Ouch. But rising prices for core crypto assets is opening space for expansive Web 3 ideas. This week, the hit British TV series Peaky Blinders launched a blockchain-based video game and Web3 'ecosystem,' for instance. And, in a shift from a year ago, we saw plenty of other gaming and cultural-crypto news announcements. Still, if you had to pick two winners in the current market, you'd have to go for bitcoin and… stablecoins (there are going to be hundreds of them soon). This week, USDC-issuer Circle announced a new global payments and remittances network (Ian Allison reported), and Coinbase free conversion between U.S. dollars and PayPal's PYUSD stablecoin. You can't go really too far wrong — though it's not investment advice —accumulating bitcoin, and paying in stables. Sign in to access your portfolio
Yahoo
24-04-2025
- Business
- Yahoo
Bitcoin's April Rally Driven by Institutions, While Retail Flees ETFs: Coinbase Exec
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 SPAC. D'Agostino has a three-part thesis as to why this is happening. First is de-dollarization: sovereigns and institutions reduce USD exposure as trade weakens. Second, decoupling from tech: Bitcoin shedding its Nvidia-adjacent identity. Third, hedge basket theory: Bitcoin ranks in the top five in inflation hedge models used by veteran commodities traders. "Bitcoin is trading on its core characteristics, which again are similar to gold. You've got scarcity, immutability, and non-sovereign asset portability," he continued. "So it's trading the way people who believe in Bitcoin would like it to trade." Meanwhile, major altcoins like ether (ETH), Solana's SOL, and Cardano's ADA have yet to make similar technical moves. The CoinDesk 20 (CD20), a measure of the performance of the world's largest digital assets, is down 3% over the last month while BTC is up 7%. This recent move in prices might have pushed back up retail interest in BTC ETFs. Data from SoSoValue put ETF inflow over $900 million for the second day in a row for Wednesday, putting ETF inflow over $2.2 billion between April 21 and 23. There were 9 days in this month where Bitcoin ETFs saw net outflows, totaling approximately $1.21 billion Sign in to access your portfolio
