According to online reports, John D'Agostino, head of institutional strategy at Coinbase, said that in April 2025, sovereign wealth funds and other institutions were accumulating large amounts of bitcoin, while retail investors were withdrawing from the market through ETFs and cash. In a recent interview, the Coinbase executive compared Bitcoin to gold and said many institutional investors buy Bitcoin to hedge against currency inflation and macroeconomic uncertainty. The executive said: "Bitcoin transactions are based on its core characteristics, which are similar to gold, with scarcity, immutability and portability of non-sovereign assets. So it's traded exactly the way those who believe in Bitcoin want it to be traded."