Around 70% of institutional investors believe bitcoin is undervalued when it trades between $85,000 and $95,000, according to Coinbase’s Charting Crypto Q1 2026 report.
The report said a survey of 75 institutional investors and 73 independent investors, conducted from early December to early January, found 71% of institutions and 60% of independent investors “feel that [Bitcoin] is undervalued.”
Price range and drawdown
Coinbase said about a quarter of institutions viewed bitcoin as fairly valued during the survey period, when price largely stayed within the $85,000 to $95,000 band.
Just 4% said bitcoin was overvalued.
Bitcoin was trading around $87,600 at the time of the report, down more than 30% from its October all-time high of $126,080.
That decline followed an Oct. 10 market crash that wiped out more than $19 billion in leveraged positions.
How institutions say they would respond
Coinbase said 80% of institutional investors would either hold their positions or buy more if the bitcoin market fell another 10%.
More than 60% said they have held or increased exposure since October, when bitcoin set its current peak.
The report also said 54% of institutions view the current cycle as being in an accumulation phase or a bear market.
Macro backdrop and sentiment
Coinbase warned geopolitical escalation, especially disruptions to energy markets, could weigh on sentiment.
The report noted gold hit a record above $5,000 and silver has doubled since October, while the S&P 500 rose about 3%.
Coinbase also said it expects the Federal Reserve to deliver two rate cuts in 2026.
It added that consumer inflation was 2.7% in December and real GDP growth was over 5% in the fourth quarter.
