More than 70% of crypto investors believe that Bitcoin (BTC) is undervalued, according to a recent Global Investor Survey conducted by Coinbase and Glassnode.
The survey found that 82% of institutions and 70% of non-institutions classify the market as a late bear cycle markdown phase, while onchain indicators suggest BTC is entering a “value-accumulation zone.”
Bitcoin is in a late bear phase as undervaluation persists
Coinbase Institutional Research surveyed 91 global investors between March 16 and April 7, including 29 institutions and 62 non-institutions. The responses show a sharp shift in perceptions for the current BTC market.
Around 82% of institutions and 70% of non-institutions now classify the market as a late bear or a markdown phase, up from roughly one-third in December.
Bitcoin investor survey data. Source: Coinbase
At the same time, the valuation views held steady. About 75% of institutions and 61% of non-institutions consider Bitcoin undervalued. Only a small share flagged it as overpriced.
The survey also noted a shift in expectations for Bitcoin dominance. The share of institutions expecting dominance to rise dropped to 25% from 40%. About 54% now expect it to remain near the current level of 58.1%, while 21% expect a decline.
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Onchain signals flag value zone for Bitcoin
Onchain data echo the valuation stance for Bitcoin. Crypto analyst Woominkyu’s Bitcoin Combined Market Index (BCMI) aggregates MVRV, NUPL, SOPR, and investor sentiment into a single reading. The index recently jumped to 0.37 from 0.26, a level historically linked with deep undervaluation phases.
Bitcoin Combined Market Index. Source: CryptoQuant
The MVRV compares market value to realized value, while NUPL tracks net unrealized profit and loss across holders. The SOPR measures whether coins are sold at a profit or a loss. Combined, the indicators frame both the pricing and investor behavior from a single viewpoint.
The BCMI’s 90-day average continues to trend downward, suggesting ongoing selling pressure. However, earlier this month, Woominkyu said,
“We are entering a “Value-Accumulation Zone.” The data suggests the downside is becoming limited compared to the long-term upside.”
The short-term holder activity adds 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, acting as a proxy for short-term liquidity and price speculation.
Historically, Bitcoin has formed cycle lows within three to six months of similar readings since 2021. Market analyst Crypto Dan noted in March that the indicator has dropped significantly, placing the BTC market near undervalued territory without confirming a final bottom.
Bitcoin realized cap: UTXO age bands (1 week to 1 month). Source: CryptoQuant
Related: Bitcoin’s recent rally is largely fueled by Strategy purchases: Bitwise’s Hougan
