Coinbase and Glassnode report: Bitcoin undervalued, market sentiment cautious

According to the "2026 Q1 Crypto Market Chart Analysis Report" released by Coinbase Institutional and Glassnode, 75% of institutional investors and 61% of non institutional investors believe that Bitcoin is undervalued. 82% of institutional investors and 70% of non institutional investors believe that the market is in a bear market or late stage of a bear market, up from 31% and 36% in December. The supply of BTC that has moved in the past three months has decreased by 37%, while the supply that has not moved in a year has increased by 1%. The cumulative inflow of funds into Bitcoin ETFs is approaching historical highs. The report points out that market sentiment tends to be cautious, but fundamentals continue to improve.