Crypto Market Sentiment Shifts Amid Macroeconomic Changes

A recent report by Coinbase and analytics platform Glassnode has highlighted growing optimism in the crypto market. The joint study found that 73% of surveyed institutional and private investors believe the current price of Bitcoin is undervalued.

The net unrealized profit indicator has shifted from the 'fear' stage to 'optimism', indicating a change in market sentiment. Analysts also noted changes in Ethereum's supply structure, with short-term holders reducing their holdings by 38% and long-term investors increasing theirs by 1%. This suggests that speculators are leaving the market.

Coinbase maintains a 'cautious optimism' outlook, expecting a recovery in prices within the quarter. However, data from SoSoValue shows a cooling of interest in exchange-traded funds (ETFs), with spot Bitcoin ETFs recording a net outflow of $89.68 million.