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More than 70% of crypto investors surveyed by Coinbase and Glassnode believe Bitcoin is undervalued, even as most respondents describe the market as being in a late bear or “markdown” phase. The survey results are broadly aligned with onchain indicators that suggest BTC is moving into a value-accumulation zone.
Coinbase Institutional Research surveyed 91 global investors between March 16 and April 7, including 29 institutions and 62 non-institutions. In the latest responses, 82% of institutions and 70% of non-institutions classify the current BTC market as a late bear or markdown phase. The share of investors holding that view is up from roughly one-third in December.
Despite the bearish market-phase assessment, valuation opinions were more stable. About 75% of institutions and 61% of non-institutions consider Bitcoin undervalued, while only a small share flagged it as overpriced.
The survey also showed a change in expectations for Bitcoin dominance. The proportion of institutions expecting dominance to rise fell to 25% from 40%. About 54% now expect dominance to remain near the current level of 58.1%, while 21% expect it to decline.
Onchain data echoed the valuation stance. Crypto analyst Woominkyu’s Bitcoin Combined Market Index (BCMI), which aggregates MVRV, NUPL, SOPR, and investor sentiment, rose to 0.37 from 0.26. Woominkyu said the index level is historically linked with deep undervaluation phases.
The MVRV metric compares market value to realized value, NUPL tracks net unrealized profit and loss across holders, and SOPR measures whether coins are sold at a profit or a loss. Together, the indicators are used to frame both pricing and investor behavior.
While the BCMI’s 90-day average continues to trend downward, suggesting ongoing selling pressure, Woominkyu said earlier this month: “We are entering a value-accumulation zone.” The data, as described in the report, implies downside may be becoming more limited relative to longer-term upside.
Short-term holder activity also provided context. The realized cap UTXO age bands for one-week to one-month holders fell to 3.91%, matching October 2023 levels when BTC traded near $27,000. This metric tracks the share of recently moved coins and is used as a proxy for short-term liquidity and price speculation.
According to the report, Bitcoin has historically formed cycle lows within three to six months of similar readings since 2021. Market analyst Crypto Dan noted in March that the indicator had dropped significantly, placing the BTC market near undervalued territory without confirming a final bottom.
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