Coinbase Institutional and Glassnode released the 'Q1 2026 Cryptocurrency Market Chart Analysis Report': The cryptocurrency market is in a bear market or late-stage bear market phase, with Bitcoin's value being significantly undervalued.

On April 23, Coinbase Institutional and Glassnode recently jointly released the 'Q1 2026 Cryptocurrency Market Chart Analysis Report,' with key points as follows: 1. 75% of institutional investors and 61% of non-institutional investors still believe that Bitcoin is undervalued. 'The cryptocurrency market remains influenced by some important specific factors, such as regulatory developments and the rise of agentic AI, but the significance of these factors has diminished against the backdrop of global macroeconomic volatility.' 2. Currently, 82% of institutional investors and 70% of non-institutional investors believe that the cryptocurrency market is in a bear market or late-stage bear market phase, up significantly from 31% and 36% in December. Meanwhile, expectations regarding Bitcoin's dominance are shifting towards a more 'stable' state, reflecting the impact of the macro environment. 3. In Q1 2026, the supply of BTC that moved within the past three months decreased by 37%, while the supply that remained unmoved for over a year increased by 1%. This indicates reduced short-term trading activity and more holdings being locked by long-term investors. 4. Finally, despite a more volatile period for the cryptocurrency market, cumulative inflows into Bitcoin ETFs remain close to historical highs. Overall, the report suggests that market sentiment is becoming more cautious, but the underlying fundamentals of the cryptocurrency market continue to improve steadily.