The latest Global Investor Survey jointly conducted by Coinbase and Glassnode reveals how investors are viewing the current state of the cryptocurrency market. Between March 16 and April 7, the survey gathered responses from 91 participants, including 29 institutional investors and 62 retail investors. The results highlighted notable perspectives, particularly on Bitcoin’s valuation and the perceived stage of the market cycle.
Late bear cycle sentiment grows among investors
A striking 82 percent of institutional respondents and 70 percent of individual investors now view the market as being in either a “late bear cycle” or a period of declining values. This marks a sharp increase from December, when roughly one-third of participants held this view, reflecting a significant shift in attitude.
Perceptions about valuation have remained consistently low. Around three-quarters of institutions, along with 61 percent of retail investors, believe that Bitcoin is currently trading below its fair value. Only a very small fraction of survey respondents consider Bitcoin overvalued at this time.
Expectations dim for Bitcoin’s dominance
There has also been a notable change regarding expectations for Bitcoin’s market dominance. Only 25 percent of institutional participants now anticipate an increase in Bitcoin’s share of the crypto market, falling from 40 percent in December. Meanwhile, 54 percent expect dominance to hover near its current level of 58.1 percent, while 21 percent predict a decline in Bitcoin’s dominance.
Market sentiment and expectations are supported by on-chain indicators. Crypto analyst Woominkyu’s Bitcoin Combined Market Index (BCMI), which aggregates key on-chain data such as MVRV, NUPL, and SOPR, has recently risen from 0.26 to 0.37—levels historically associated with periods of significant undervaluation.
Based on transaction volume and price data, Woominkyu stated, “We are entering an Accumulation Zone. Data indicates short-term downside remains limited compared to the longer-term uptrend.”
Short-term holders tighten activity as market eyes a bottom
Short-term investor behavior further supports the broader market picture. The proportion of investors holding Bitcoin for between one week and one month has slipped to 3.91 percent of total transaction capacity. This mirrors levels seen in October 2023, when BTC traded around $27,000, and serves as an indicator of reduced short-term trading and speculative activity.
Historically, after such metrics reach similar levels, Bitcoin cycle bottoms have typically formed within three to six months. Market analyst Crypto Dan noted that this indicator spiked last March and, although Bitcoin may not have reached its absolute low, it has entered a region associated with undervaluation.
In summary, both investor survey responses and technical on-chain signals suggest growing expectations for longer-term market upside, while horizontal trends persist over the short term. Investors continue to position themselves based on the belief that Bitcoin remains undervalued at current price levels.
