Coinbase Study: Over 70% of Crypto Investors Believe Bitcoin Is Undervalued, Market May Be Nearing End of Bear Cycle

BlockBeats News, April 30th, Coinbase and Glassnode's latest global investor survey shows that over 70% of cryptocurrency investors believe Bitcoin is currently undervalued, with 82% of institutional investors and 70% of retail investors stating that the market is in the "late bear market" or "value reaccumulation phase."

The survey covered a total of 91 global investors, including 29 institutions and 62 retail investors. The data indicates that about 75% of institutional investors and 61% of retail investors consider BTC undervalued, with only a small number of respondents believing the price is overvalued.

On-chain data also signals a bias towards the bottom area. CryptoQuant analyst Woominkyu's Bitcoin Combined Market Index (BCMI) recently rose from 0.26 to 0.37, which combines MVRV, NUPL, SOPR, and market sentiment, historically corresponding to a deep undervaluation phase of Bitcoin.

Furthermore, the realized cap hierarchy of 1-week to 1-month holders has dropped to 3.91%, approaching the level seen in October 2023 when Bitcoin was around $27,000. Analysts believe this indicates a significant decrease in market speculation activity, suggesting that Bitcoin may be entering a "value accumulation range."