The crypto market has been going through a brutal digestion phase since the October shock. However, a message is coming back from professional desks. Indeed, many institutions believe that bitcoin is worth more than its current price. The idea is not new, but the timing is intriguing.
In brief
- Figures published by Coinbase reveal that some institutions see bitcoin as cheap.
- But the crypto market remains fragile and nervous. Macro and politics could swing the outcome, one way or the other.
An unexpected signal at the heart of the bitcoin correction
According to Coinbase, around 71% of institutional investors surveyed consider Bitcoin to be undervalued when it is trading between $85,000 and $95,000.
The contrast is striking. At the same time, bitcoin has fallen about 30% since its October peak, and the market remains marked by an episode of massive liquidations.
This type of survey does not move the price alone. But it illuminates a point often invisible to the public: in certain areas, institutions do not just see a falling graph. They see an asset that is once again “on promotion”, or at least once again becoming defensible in an investment committee.
The survey cited by Coinbase is based on 148 investors in total, including 75 institutional and 73 independent investors. The latter were interviewed between December 10, 2025 and January 12, 2026.
We can debate the sample size. But the consistency of the result matters. In fact, almost three-quarters of institutions speak of undervaluation of bitcoin, and only a minority speak of overvaluation.
Behind the word “undervalued”, there is no single model. Some compare Bitcoin to gold and its safe-haven narrative. Others look at scarcity, adoption, liquidity, or the role of hedging against monetary uncertainties. And many make it simpler: they compare the current price to what they agreed to pay a few months ago, integrating the risk into the margin.
The “hold” reflex of professionals and what it says about risk
80% of institutional investors say that in the event of another 10% drop in the crypto market, they would maintain their positions or buy more.
This is not wishful thinking. This sounds like portfolio discipline. Indeed, we avoid chasing green candles, we strengthen when volatility scares others. This behavior, when real, acts as a psychological floor, not as an absolute shield.
Coinbase also indicates that more than 60% of institutional investors have maintained or increased their exposure since October. This suggests a basic thesis. The current decline is not necessarily an announcement of abandonment, but rather a period where appetite is reorganizing. Less euphoria, more selection.
Coinbase displays a rather constructive reading for the start of 2026. It mentions the hypothesis of two rate cuts by the Fed in 2026 as potential support for risky assets, therefore crypto.
The report also cites specific macro elements, such as inflation around 2.7% in December and robust growth estimated via the GDPNow model for Q4 2025.
This setting matters, because Bitcoin does not evolve in a vacuum: it reacts to rates, the dollar, risk appetite, and overall liquidity.
But the same document insists on the “comet tails” which can disrupt everything: geopolitical tensions, shock on energy, and renewed political uncertainties. In this context, the idea of undervaluation is not a promise of an immediate rebound. It is rather a value judgment on a longer horizon, with an implicit phrase: “if the storm does not grow.”
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