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

Golden Finance reports that on April 30, a new global investor survey by Coinbase and Glassnode shows that more than 70% of crypto investors believe Bitcoin is currently undervalued, with 82% of institutional investors and 70% of non-institutional investors saying the market is in the “late stage of a bear market” or a “value retracement phase.”
The survey covered 91 global investors, including 29 institutional investors and 62 non-institutional investors. The data shows that about 75% of institutional investors and 61% of non-institutional investors believe BTC is undervalued, with only a small number of respondents thinking the price is overvalued.
On-chain data also releases signals biased toward the bottom region. CryptoQuant analyst Woominkyu’s Bitcoin Combined Market Index (BCMI) has recently risen from 0.26 to 0.37. This indicator integrates MVRV, NUPL, SOPR, and market sentiment, and historically has typically corresponded to Bitcoin’s deep undervaluation stage.
In addition, the realized market value share held by short-term holders (from 1 week to 1 month) has fallen to 3.91%, close to the level when Bitcoin was around $27,000 in October 2023. Analysts believe this means market speculation activity has declined significantly, and Bitcoin may be entering a “value accumulation phase.”