Bitcoin is rising on liquidity recovery and institutional demand, not geopolitics, says Coinbase executive

John D'Agostino, Coinbase's head of institutional strategy, stated that Bitcoin's recent price increase is primarily driven by recovering market liquidity and strong institutional demand, rather than geopolitical events like the situation in Venezuela. While acknowledging the long-term thesis for Bitcoin as a replacement currency during instability, he sees no direct evidence linking the current rally to Venezuelan events. D'Agostino pointed to market makers gradually rebuilding positions following a liquidity event on October 10th, alongside rising retail sentiment catching up to institutional momentum. He emphasized Bitcoin's superior decade-long performance compared to gold and the S&P 500, noting that major institutions have maintained their crypto strategies despite recent price dips, and regulatory momentum has actually accelerated institutional timelines. Furthermore, he observed that senior institutional leaders are no longer openly skeptical of Bitcoin's viability.

(Source：Crypto Briefing)