Coinbase, in collaboration with Glassnode, has released a survey indicating that a majority of institutional investors remain optimistic about Bitcoin for the next three to six months. The survey, conducted on 124 institutional investors, found that 67% have a positive sentiment towards Bitcoin as 2026 approaches, with similar optimism echoed by non-institutional investors.
David Duong, Head of Research at Coinbase Institutional and Glassnode, stated in the report titled "Navigating Uncertainty" that "Most of these surveys illustrate institutions are optimistic about Bitcoin." However, he expressed caution following the October 10 liquidation event, which saw over $19 billion in leverage flushed from the market and briefly dropped Bitcoin below $110,000.
The report highlights a divergence in market cycle perceptions: 45% of institutional investors believe the market is in a late-stage bull trend, signaling an expected peak, while only 27% of non-institutional investors share this view. Macroeconomic concerns were cited as the primary tail risk by both groups.
Positive factors include robust global liquidity and two expected interest rate cuts from the Federal Reserve, which could attract approximately $7 trillion from money-market funds into risk-on assets. However, a liquidity contraction is anticipated in early November due to the US government shutdown and Quantitative Tightening.
Specific corporate actions underscore this sentiment: Tom Lee's BitMine has actively purchased cryptocurrencies during dips, accumulating over 379,000 Ether worth about $1.5 billion. Additionally, Michael Saylor hinted that MicroStrategy might buy more BTC on October 26, with the firm holding $69 billion in Bitcoin. Despite this, Coinbase advises a more cautious stance on altcoins, citing current market conditions.
Bitcoin has surged past $109,000, and Ether briefly exceeded $4,000, but overall sentiment remains guarded. Regulatory progress in Congress and potential OCC charter changes could further integrate crypto into the financial system.
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