Charting Crypto report from Coinbase and Glassnode

[Oshosondy]

Charting Crypto is a joint publication of Coinbase
Institutional and Glassnode.

These is according to the report:
We have a constructive view for 1Q26.
We believe that crypto markets are entering 2026 in a healthier state, with excess leverage having been flushed from the system in Q4. The macro environment looks sound, and monetary policy should be supportive.

SURVEY: KEY TAKEAWAYS
Between December 10, 2025 and January 12, 2026, we surveyed 148 global investors 75 institutions and 73 non-institutions) to get their perspectives on crypto market trends, sector positioning, risk management, and more.

01 Around one-quarter of both institutions 26%) and non-institutions 21%) believe we are in the bear market (markdown) phase of the market cycle. This is a substantial increase from our last survey, when the figures were just 2% and 7%, respectively.

02 Despite market weakness, most investors are sticking with or adding to their crypto allocations. Around two-thirds of institutions 62%) and non-institutions 70%) have either held their existing positions or increased net long exposure since October.

03 Investors believe bitcoin is undervalued. Nearly three-quarters 70%) of institutions and  three-fifths 60%) of non-institutions see BTC as undervalued.

https://assets.ctfassets.net/k3n74unfin40/4AbRPLNhVxHcGnqMz9ld1H/bc629d95eb2b2e0cb61d692a577f3f27/Charting_Crypto_1Q26.pdf


I copied and pasted these important points about how this year can be a bear market year, but many institutions and other investors may not sell all their coins while some will accumulate more bitcoin. It is an indication that even if bitcoin bear market may be in this year, we should know that the market is still growing but just that bitcoin will be undervalued and which will later be followed by bull market.

[flapduck]

Interesting that ~70% of institutions see BTC as undervalued but only about a quarter think we're in a bear market.

The "holding or adding" stat is the important one imo. Institutions aren't panic selling despite the weakness, which is different from previous cycles where they'd dump at the first sign of trouble.
Though worth remembering these surveys tend to have selection bias, the investors who respond are probably more bullish than the ones who don't bother.

[Alpha Marine]

I guess this is part of the reason Bitcoin is still standing strong at above $80k despite all the unfavourable events going on.
Well, if the study was among already existing investors, it's no surprise that this is their thought process. It may not show the full picture of what potential investors think. If more new investors get involved, they may increase the demand.

Personally, I expect this year to be similar to last year. It may be a little less bullish than last year,  but it would be similar. There will be times or quarters when it will be bullish and times when the price will dip. That is why I keep believing that we will see a new ATH this year or at least see Bitcoin at $120k.
Another reason I believe so is how resilient Bitcoin has been for the past couple of months. Despite how it felt towards the end of last year and how the prophets of doom kept saying it would fall to $60k, it didn't even go below $80k. And despite all the events that have occurred this year between Europe and America, Bitcoin has still not gone below $85k.

[Asiska02]

Great survey and the numbers don’t lie as to what the market is currently reacting to. The bear market is imminent but the strong hope of investors on Bitcoin and the nature to which the market is standing strong and not falling rapidly shows the much faith these investors are having on Bitcoin. More inflow of money into Bitcoin even when the odds do not favor the bulls is an even more indication of a long term believe in Bitcoin. Even if this continues for a long time, we may not see the bear market reaching as low as other cycles before we eventually get to witness another bull market which will indeed favor the patient and continually consistent investors.

[nemesis_incarnate]

Interesting that ~70% of institutions see BTC as undervalued but only about a quarter think we're in a bear market.

The "holding or adding" stat is the important one imo. Institutions aren't panic selling despite the weakness, which is different from previous cycles where they'd dump at the first sign of trouble.
Though worth remembering these surveys tend to have selection bias, the investors who respond are probably more bullish than the ones who don't bother.

They started to see potential to BTC despite the cyclic nature of the Bear and the Bull.

It's truly a wonderful development