Coinbase survey: Over 70% of cryptocurrency investors believe Bitcoin is undervalued, and the market may be at the end of a bear market

Coinbase and Glassnode's latest global investor survey shows that over 70% of cryptocurrency investors believe Bitcoin is currently undervalued, with 82% of institutional investors and 70% of non-institutional investors thinking the market is in the "late bear market" or "value retracement phase." The survey covered a total of 91 global investors, including 29 institutions and 62 non-institutional investors.

The data indicates that about 75% of institutional investors and 61% of non-institutional investors believe BTC is undervalued, with only a few respondents thinking the price is overvalued. On-chain data also signals a tendency towards the bottom area. CryptoQuant analyst Woominkyu's Bitcoin Combined Market Index (BCMI) recently rose from 0.26 to 0.37; this index combines MVRV, NUPL, SOPR, and market sentiment, and historically corresponds to a phase of deep undervaluation for Bitcoin. Additionally, the realized market cap ratio of short-term holders from 1 week to 1 month has dropped to 3.91%, close to the level when Bitcoin was around $27,000 in October 2023. Analysts believe this indicates a significant decline in market speculation activity, suggesting that Bitcoin may be entering a "value accumulation range."