Bitcoin institutions finally admit this is a bear market – so why do 70% say the price is still undervalued?

A recent survey by Coinbase Institutional and Glassnode reveals that while a quarter of institutions now consider crypto to be in a bear market, a significant majority (70%) still believe Bitcoin is undervalued. This seeming paradox stems from a shift in institutional strategy: a preference for Bitcoin's relative stability over volatile altcoins, particularly after the deleveraging events of October. Institutions are using options and basis trades to manage risk and protect against downside, rather than relying on perpetual futures. They view Bitcoin as a long-term store of value and macro hedge, assessing its value based on adoption, scarcity, and improving market structure, rather than short-term price action. While acknowledging the current challenging regime, institutions remain optimistic about Bitcoin's long-term prospects, tying its future performance to broader macroeconomic factors like liquidity, interest rates, and policy shifts. A breakdown in these fundamental drivers would be required to challenge their current bullish outlook.

(Source：CryptoSlate)