Coinbase released the "2026 Q1 Crypto Market Chart Analysis Report": The crypto market is in a bear market or the value of Bitcoin is significantly undervalued in the late bear market

On April 23, Coinbase Institutional and glassnode recently jointly released the "Crypto Market Chart Analysis Report for the First Quarter of 2026". The main points are as follows: 1.75% of institutional investors and 61% of non-institutional investors still believe that Bitcoin is undervalued. "The crypto market is still affected by some important specific factors, such as regulatory progress and the rise of agent AI, but the importance of these factors has declined in the context of the turbulent global macro environment." 2. Currently, 82% of institutional investors and 70% of non-institutional investors believe that the crypto market is in a bear market or late bear market stage, a significant increase from 31% and 36% in December. At the same time, expectations for Bitcoin's dominance are shifting to a more "stable" state, which more reflects the impact of the macro environment. 3. In the first quarter of 2026, the supply of BTC that has moved in the past three months fell by 37%, while the supply that has not moved for more than a year rose by 1%. This suggests less short-term trading activity and more chips are locked in by long-term holders. 4. Finally, although the crypto market has experienced a more volatile period, cumulative capital inflows to Bitcoin ETFs are still near historical highs. Taken together, the report shows that market sentiment is becoming cautious, but the underlying fundamentals of the crypto market continue to improve.