According to John D'Agostino, head of strategy at Coinbase Institutional, April saw a significant uptick in Bitcoin purchases from institutional investors, including sovereign wealth funds, while retail investors withdrew from Bitcoin ETFs. D'Agostino noted that Bitcoin's price rose approximately 13% during the month, reaching highs near $96,000 before settling around $92,800. He identified three factors driving institutional demand: de-dollarization, a move away from tech correlations, and Bitcoin's appeal as an inflation hedge. As institutional investors shift their strategies, Bitcoin is no longer trading like a tech stock, reflecting its intrinsic characteristics such as scarcity and portability. D'Agostino advised caution regarding recent price behavior, emphasizing that correlations can quickly change. Notably, some analysts suggest Bitcoin may be evolving into a 'safe haven' asset, akin to gold, but caution that it remains a risky investment susceptible to market fluctuations.

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