A Coinbase survey of more than 91 international investors found that sentiment around Bitcoin valuation remains tilted toward undervaluation. According to the results, 75% of institutional investors and 61% of retail respondents believe Bitcoin is trading below its true value at current levels. Only 7% of institutions and 11% of individual investors said the asset looks overpriced.
Institutional conviction remains stronger than retail sentiment
Coinbase said these sentiment readings have not changed much since December 2025. David Duong, the exchange’s global head of research, pointed to steady market trends. Coinbase’s research team also said a large share of institutional investors believe Bitcoin’s price is still below fair value, with geopolitical risk and global economic uncertainty shaping that view.
Middle East tensions and weaker growth forecasts keep markets cautious
For the broader crypto market, Coinbase described its second-quarter outlook as “neutral”. The firm tied that stance mainly to tensions in the Middle East and uncertainty in the global economy. The International Monetary Fund cut its 2026 global growth forecast to 3.1% from 3.4%, while Oxford Economics warned that a potential oil shock could push growth down to 1.4%. Those macro signals have kept risk appetite in check across crypto markets.
Fed leadership transition adds a fresh policy variable
The US Federal Reserve is also moving through a key leadership change. On April 29, 2026, Chair Jerome Powell left benchmark rates unchanged at 3.50% to 3.75% and said his term as chair would end on May 15. He also confirmed that he would remain on the Fed board. The report said President Donald Trump is expected to nominate Kevin Warsh as the next chair, and Powell’s continued presence on the board could add uncertainty to future policy direction. Evercore ISI vice chair Krishna Guha praised Powell’s tenure for bringing inflation down “without causing a recession” and for defending central bank independence during a turbulent period.
Spot Bitcoin ETFs have drawn about $2 billion this year
Institutional demand is also visible in fund flows. Since the start of the year, spot Bitcoin ETFs have taken in roughly $2 billion. Adrian Fritz, investment director at 21Shares, said Bitcoin’s daily trading volume now exceeds $50 billion, placing it alongside major corporate names such as Nvidia in terms of market activity. He added that the steady inflow of institutional capital has turned Bitcoin into an asset that is ready for institutional allocation.
The report also said the participation of large asset managers including Morgan Stanley is widely seen as reinforcing demand for Bitcoin. Analysts cited in the article said the trend reflects stronger fundamentals rather than short-term speculation. Fritz said Bitcoin can hold its current trading range and could approach $100,000 by year-end if market conditions stay favorable.