Coinbase Exec Reveals Institutional Surge in Bitcoin as Retail Exits ETFs

In a revealing analysis, a Coinbase executive highlights the contrasting behaviors between institutional and retail investors during Bitcoin’s recent rally. While institutions, including sovereign wealth funds, have been steadily accumulating Bitcoin with ’patient pools of capital,’ retail investors have been withdrawing from spot ETFs. This divergence underscores a significant shift in market dynamics, with institutions driving Bitcoin’s price surge to $93,000 in April 2025.

Bitcoin’s April Rally Driven By Institutions, While Retail Flees ETFs: Coinbase Exec

Bitcoin’s surge to $93,000 reflects a stark divergence in investor behavior. Institutional players—including sovereign wealth funds—have been accumulating BTC with what Coinbase Institutional’s John D’Agostino describes as "patient pools of capital." This quiet accumulation began in early April, coinciding with retail investors withdrawing from spot ETFs. "Institutions, sovereigns, patient pools of capital were piling in," D’Agostino noted during a CNBC interview. "Retail via the ETF were exiting. So you’ve got to ask yourself, what do the institutions know?" The institutional conviction appears to be crystallizing. Strike CEO Jack Mallers and Cantor Fitzgerald’s Brandon Lutnick recently launched Twenty One Capital, a Bitcoin investment venture backed by Tether and Bitfury, signaling deepening institutional commitment.

Reservoir to Sunset NFT Services Despite Recent Funding Round

Reservoir, a blockchain infrastructure provider supporting major platforms like Coinbase and MetaMask, announced the discontinuation of its NFT services by October 2025. The decision comes just two months after securing $14 million in Series A funding aimed at expanding its marketplace tools.

The shutdown affects Reservoir’s NFT API and related services, which were widely used for indexing NFT data and facilitating cross-platform token trades. The company cited a strategic pivot as the reason for winding down operations that once served industry heavyweights including Magic Eden.