Everyone is bearish = real opportunity? Institutional data has already provided the answer in advance! Coinbase Institutional and Glassnode jointly released their latest《2026 Q1 Crypto Market Chart Analysis Report》, revealing a very interesting signal: the market looks pessimistic on the surface, but the structure is quietly changing.

The key data is straightforward: 75% of institutions and 61% of retail investors still believe Bitcoin is undervalued. What does this mean? It’s not that nobody is optimistic; it’s that everyone is “waiting for a lower price.”

Sentiment has shifted into a bear-market consensus: 82% of institutions + 70% of retail investors believe the market is in a bear market or in the late stage of a bear market, a big increase from last December. In other words: sentiment has moved from “fantasy” to “defense.”

Chips are being locked up: active BTC supply has dropped by 37% over the past 3 months, and unspent coins have risen by 1% with no movement over the past year. Translated into trader language: short-term players are running, while long-term holders are locking in.

Money has not left. Bitcoin ETF flows are still close to historical highs. This shows that institutions are not retreating—they’re changing their method and “continuing to enter the market.”