Coinbase Survey: 70% of Crypto Investors See Bitcoin as Undervalued as Onchain Data Signals Late Bear Phase

A recent survey conducted by Coinbase and Glassnode reveals that a significant majority of crypto investors believe Bitcoin is currently undervalued, with onchain data supporting the view that the market is in the final stages of its bear cycle. The findings offer a snapshot of shifting sentiment among both institutional and retail participants.

Survey Data Points to Late Bear Market Sentiment

Coinbase Institutional Research surveyed 91 global investors between March 16 and April 7, 2026, including 29 institutions and 62 non-institutions. The results indicate a sharp shift in market perception. Approximately 82% of institutions and 70% of non-institutions now classify the current market as a late bear or markdown phase, a notable increase from roughly one-third in December 2025.

Also read: Bermuda to move key financial services onto Stellar blockchain, premier says

Valuation views remained consistent, with 75% of institutions and 61% of non-institutions considering Bitcoin undervalued. Only a small fraction of respondents flagged the asset as overpriced, suggesting broad agreement on current pricing levels.

Onchain Indicators Reinforce Undervaluation Thesis

Onchain data echoes the survey’s sentiment. Crypto analyst Woominkyu’s Bitcoin Combined Market Index (BCMI), which aggregates MVRV, NUPL, SOPR, and investor sentiment, recently rose to 0.37 from 0.26. Historically, such levels have been associated with deep undervaluation phases.

Also read: Senate CLARITY Act markup faces ethics debate as North Korea crypto thefts hit $2B and Bitmine slows Ether buys

The MVRV ratio compares market value to realized value, while NUPL tracks net unrealized profit and loss across holders. The SOPR measures whether coins are being sold at a profit or loss. Together, these indicators provide a composite view of pricing and investor behavior.

Although the BCMI’s 90-day average continues to trend downward, indicating ongoing selling pressure, Woominkyu noted earlier this month that the market is entering a “value-accumulation zone,” where downside risk appears limited relative to long-term upside potential.

Short-Term Holder Activity Adds Context

The realized cap UTXO age bands for one-week to one-month holders fell to 3.91%, matching levels seen in October 2023 when Bitcoin traded near $27,000. This metric tracks the proportion of recently moved coins, serving as a proxy for short-term liquidity and speculative activity. Historically, Bitcoin has formed cycle lows within three to six months of similar readings since 2021.

Market analyst Crypto Dan observed in March that the indicator has dropped significantly, placing the Bitcoin market near undervalued territory without confirming a final bottom.

Why This Matters for Investors

The convergence of survey data and onchain metrics provides a compelling case for Bitcoin’s current valuation. For investors, these signals suggest that the market may be approaching a turning point, though uncertainty remains about the exact timing of a recovery. The findings also highlight a growing divergence between institutional and retail perspectives, with institutions showing slightly more conviction in the undervaluation thesis.

Conclusion

The Coinbase survey and onchain data collectively indicate that Bitcoin is widely perceived as undervalued and in the late stages of its bear market. While short-term selling pressure persists, historical patterns suggest that accumulation phases often precede significant price recoveries. Investors should weigh these signals alongside broader market conditions and conduct their own research before making decisions.

FAQs

Q1: What is the Bitcoin Combined Market Index (BCMI)?
The BCMI is an onchain indicator that aggregates multiple metrics, including MVRV, NUPL, SOPR, and investor sentiment, to provide a single reading of Bitcoin’s market valuation and investor behavior.

Q2: What does it mean when Bitcoin is in a “value-accumulation zone”?
This term refers to a market phase where onchain data suggests that Bitcoin’s price is undervalued relative to its long-term potential, making it an attractive entry point for investors with a long-term horizon.

Q3: How reliable are survey results from Coinbase?
Coinbase’s surveys are based on responses from a select group of institutional and non-institutional investors, providing a useful but not exhaustive snapshot of market sentiment. Investors should consider multiple data sources when forming their views.

Written by

Jackson Miller

Jackson Miller is a senior cryptocurrency journalist and market analyst with over eight years of experience covering digital assets, blockchain technology, and decentralized finance. Before joining CoinPulseHQ as lead writer, Jackson worked as a financial technology correspondent for several business publications where he developed deep expertise in derivatives markets, on-chain analytics, and institutional crypto adoption. At CoinPulseHQ, Jackson covers Bitcoin price movements, Ethereum ecosystem developments, and emerging Layer-2 protocols.