A global survey conducted by Coinbase and Glassnode found that over 70% of investors believe Bitcoin is currently trading at undervalued levels, according to the survey data. The survey included 91 total respondents comprising 29 institutional investors and 62 individual investors. Institutional investors showed notably higher conviction on valuation, with approximately 75% stating Bitcoin is undervalued compared to 61% among individual investors.
Investor Sentiment on Market Conditions
Beyond valuation assessments, the survey revealed broader market sentiment. According to the data, 82% of institutional investors and 70% of individual investors believe the cryptocurrency market is either in the “final stages of a bear market” or undergoing a “value-driven pullback.” Only a small percentage of respondents argued that Bitcoin is overvalued.
On-Chain Valuation Indicators
On-chain data aligns with the survey findings. The Bitcoin Combined Market Index (BCMI), developed by CryptoQuant analyst Woominkyu, recently rose from 0.26 to 0.37. This index combines metrics including MVRV, NUPL, SOPR, and market sentiment. Historically, the index coincides with periods when Bitcoin was trading in deep valuation zones.
Short-Term Holder Behavior
A notable shift is evident in short-term investor activity. The share of investors holding BTC for 1 week to 1 month in the realized market capitalization has fallen to 3.91%, approaching levels observed in October 2023 when Bitcoin was trading around $27,000. According to analysts, this decline indicates decreased speculative activity in the market and suggests Bitcoin may be entering a phase of more long-term value accumulation.
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