Most Investors Say Bitcoin Is Undervalued, Survey Finds
A Coinbase and Glassnode survey of 91 investors found over 70% view Bitcoin as undervalued; on‑chain indicators including the BCMI point to a “value‑accumulation zone.”
The Coinbase and Glassnode Global Investor Survey polled 91 investors worldwide between March 16 and April 7, including 29 institutional and 62 non‑institution respondents. More than 70% of all respondents said Bitcoin was undervalued.
About 82% of institutional respondents and 70% of non‑institution respondents classified the market as a late bear or markdown phase, up from roughly one‑third in December. On valuation, 75% of institutions and 61% of non‑institutions called Bitcoin undervalued; a small minority deemed it overpriced. Views on Bitcoin market dominance shifted: the share of institutions expecting dominance to rise fell to 25% from 40%, 54% expect it to remain near the current level of about 58.1%, and 21% expect a decline.
On‑chain indicators tracked by analysts support the valuation view. Crypto analyst Woominkyu’s Bitcoin Combined Market Index, or BCMI, aggregates metrics including MVRV, NUPL and SOPR along with investor sentiment. The BCMI rose to 0.37 from 0.26, a level historically seen in deep undervaluation phases. MVRV compares market value to realized value. NUPL measures net unrealized profit and loss across holders. SOPR shows whether coins are sold at a profit or a loss.
The BCMI’s 90‑day average is trending lower, indicating continued selling pressure. Woominkyu wrote, “We are entering a ‘Value‑Accumulation Zone.’ The data suggests the downside is becoming limited compared to the long‑term upside.”
Short‑term holder activity offers additional context. The realized cap UTXO age band for coins moved within one week to one month fell to 3.91%, matching levels seen in October 2023 when Bitcoin traded near $27,000. Since 2021, similar low readings in this short‑term activity metric have appeared within three to six months of cycle lows. Market commentator Crypto Dan observed the recent drop in the indicator and said it placed the market near undervalued territory without confirming a final bottom.
The survey and the on‑chain metrics reflect investor sentiment and blockchain activity during the current late bear phase.
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