Bitcoin appears to be entering a zone where investors are starting to see value again. This is the central message of the Coinbase Institutional and Glassnode survey. But it’s not yet a total green light. The market seems cheaper, less euphoric and colder. Precisely, this is often where the big reversals begin.
In brief
- Bitcoin is considered undervalued by a majority of investors.
- On-chain data points to an accumulation zone.
- The bottom remains probable, but not yet confirmed.
Investors see bitcoin too low
A large part of the market now judges bitcoin to be undervalued. Coinbase Institutional and Glassnode surveyed 91 global investors between March 16 and April 7, 2026, including 29 institutions and 62 non-institutionals. Their survey shows a clear shift in sentiment.
Around 82% of institutions and 70% of non-institutional investors now place the market in a bear market or end of bear market phase. In December, there were much fewer of them giving this speech. The tone has changed. Investors are no longer talking about a simple air hole, but of a market already well advanced in its purge.
Valuation reinforces this reading. According to the report, 75% of institutions and 61% of non-institutionals view BTC as undervalued. Very few consider it overvalued. This detail matters. When pessimism increases but the value conviction remains strong, the market often enters a phase of patience, not giving up.
On-chain data confirms an accumulation zone
On-chain signals go in the same direction. Coinbase and Glassnode indicate that the supply profitability metric currently places bitcoin in an accumulation zone. This zone appears when a significant part of the supply is no longer in high profit. In other words, the speculative excess has already been washed away.
MVRV, NUPL and SOPR tell the same story from different angles. The MVRV compares the market price to the realized price. NUPL measures unrealized profits or losses. The SOPR looks at whether the coins sold are for profit or loss. Taken separately, these indicators can be misleading. Together, they show a cheaper, but still fragile, market.
The most interesting detail comes from recent holders. The report notes that the supply of BTC moved in the last three months fell by 37% in the first quarter of 2026. At the same time, the share of supply that has been immobile for more than a year increased. This suggests that weak hands have already sold a lot. Fast speculators leave the table. More patient holders remain seated.
Bitcoin dominance pauses
Bitcoin’s dominance adds an important nuance. The market is no longer betting massively on an increase in this domination. The share of institutions anticipating progress fell from 40% to 25%. Conversely, 54% now think that it will remain close to its current levels.
This is not necessarily negative. This may mean that bitcoin has already absorbed some of the defensive flow. In fear phases, capital often focuses on BTC. Then, if the market stabilizes, some may return to other crypto assets. Bitcoin does not lose its central role. Rather, it becomes the foundation of a market that is looking for its next breath.
But caution remains necessary. Undervaluation is not a guaranteed bottom. The market may remain cheap for longer than expected. Especially if macroeconomic pressure continues. Coinbase and Glassnode also maintain a neutral view on the second quarter of 2026, due to a still unstable geopolitical environment.
A possible low, not yet confirmed
The most reasonable scenario is therefore that of a bitcoin at the end of a bearish phase, but not yet out of the fog. Sentiment data and on-chain data come together. They indicate an area of value. They do not yet prove a lasting turnaround.
For the signal to become more solid, we will need to observe something other than a simple technical rebound. There will need to be regular demand, a reduction in selling pressure and a gradual return to liquidity. The market has already stopped crying out for euphoria. That's a good thing. But it has not yet found a real trend of its own.
Bitcoin therefore finds itself in a rare in-between. It is no longer treated as a hot asset of pure speculation. It has not yet become the asset that everyone wants to buy without hesitation. This gray area is uncomfortable. It is also fertile. Historically, the most patient investors like this kind of silence.
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