Internet reports that John D'Agostino, head of institutional strategy at Coinbase, revealed that large institutional investors, including sovereign wealth funds and major insurance funds, increased their investment in Bitcoin throughout April as part of a broader portfolio strategy related to macroeconomic changes. These traditionally conservative institutional investors adjust their allocations based on three major factors: the trend of de-dollarization, the revaluation of Bitcoin relative to technology stocks, and its anti-inflation nature as a gold substitute. D'Agostino pointed out that the new tariff policy announced by the Trump administration in the United States on April 2 triggered renewed discussions among global allocators on the sustainability of the US dollar as the main reserve currency. Although Bitcoin ETFs showed a net outflow for most of April (a sudden inflow of $1.3 billion on April 21-22), Coinbase monitored continued net buying by institutions, which explained the 13% rise in Bitcoin prices that month. Data shows that Bitcoin is breaking away from its previous high correlation with technology stocks. Its fixed supply and untamperable characteristics make it rank among the top five with gold and real estate in the anti-inflation asset models of global macro traders. D'Agostino emphasized that although sovereign investors will not disclose specific positions, the continued entry of "long-term capital" indicates that institutions have increased recognition of Bitcoin as a strategic reserve asset.