Coinbase Investigation: Over 70% of Crypto Investors Believe Bitcoin is Undervalued, Market May Be Nearing the End of a Bear Market

BlockBeats News, April 30 — Coinbase and Glassnode’s latest global investor survey shows that over 70% of crypto investors believe Bitcoin is currently undervalued, with 82% of institutional investors and 70% of non-institutional investors stating the market is in the “late stage of a bear market” or “value retracement phase.”

The survey covered 91 global investors, including 29 institutions and 62 non-institutional investors. Data indicates that approximately 75% of institutional investors and 61% of non-institutional investors believe BTC is undervalued, with only a few respondents thinking the price is overvalued.

On-chain data also signals a bias toward the bottom region. CryptoQuant analyst Woominkyu’s Bitcoin Combined Market Index (BCMI) recently rose from 0.26 to 0.37. This indicator combines MVRV, NUPL, SOPR, and market sentiment, and historically, it usually corresponds to a deeply undervalued Bitcoin phase.

Additionally, the proportion of realized market value held by short-term holders (1 week to 1 month) has dropped to 3.91%, approaching the level when Bitcoin was around $27k in October 2023. Analysts believe this indicates a significant decline in market speculation activity, and Bitcoin may be entering a “value accumulation zone.”

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