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

A new global investor survey from Coinbase and Glassnode, released April 30, finds over 70% of crypto investors view Bitcoin as currently undervalued. Among respondents, 82% of institutional investors and 70% of retail investors describe the market as in a "late bear market" or "value reaccumulation phase." The survey polled 91 global investors total—29 institutional and 62 retail participants. Data shows 75% of institutional investors and 61% of retail investors see BTC as undervalued, with only a small share of respondents calling it overvalued. On-chain metrics also point to a bottoming bias. CryptoQuant analyst Woominkyu’s Bitcoin Combined Market Index (BCMI) recently climbed from 0.26 to 0.37. The index, which combines MVRV, NUPL, SOPR, and market sentiment, has historically correlated with Bitcoin’s deep undervaluation phases. Additionally, the realized cap hierarchy for Bitcoin holders with 1-week to 1-month holding periods has dropped to 3.91%—near levels seen in October 2023, when BTC traded around $27,000. Analysts note this signals a sharp pullback in market speculation, suggesting Bitcoin may be entering a "value accumulation range."