Coinbase releases "Q1 2026 Cryptocurrency Market Chart Analysis Report": The crypto market is in a bear market or the late stage of a bear market

Golden Finance reports that on April 23, Coinbase Institutional and Glassnode jointly released the “Q1 2026 Cryptocurrency Market Chart Analysis Report,” with key points as follows:

1. 75% of institutional investors and 61% of non-institutional investors still believe Bitcoin is undervalued. “The crypto market is still influenced by some significant specific factors, such as regulatory progress and the rise of agentic AI, but their importance has diminished amid the turbulent global macro environment.”
2. Currently, 82% of institutional investors and 70% of non-institutional investors believe the crypto market is in a bear market or late-stage bear market, a significant increase from 31% and 36% in December. Meanwhile, expectations for Bitcoin dominance are shifting toward a more “stable” state, reflecting the macro environment’s influence more.
3. In Q1 2026, the amount of BTC supply moved in the past three months decreased by 37%, while the supply that hasn’t moved for over a year increased by 1%. This indicates reduced short-term trading activity and more holdings being locked in by long-term holders.
4. Finally, despite the crypto market experiencing a more volatile period, the cumulative inflow of funds into Bitcoin ETFs remains near historical highs.
   Overall, the report suggests that market sentiment is becoming more cautious, but the underlying fundamentals of the crypto market continue to improve.