A certain exchange and Glassnode report: Bitcoin is undervalued and market sentiment remains cautious

According to the "Q1 2026 Crypto Market Chart Analysis Report" released by a certain exchange Institutional and glassnode, 75% of institutional investors and 61% of non-institutional investors believe Bitcoin is undervalued. 82% of institutional investors and 70% of non-institutional investors think the market is in a bear market or late-bear phase, up from 31% and 36% in December. The supply of BTC moved within the past three months has dropped by 37%, while the supply unmoved for a year has risen by 1%. Bitcoin ETF cumulative capital inflows are approaching historical highs. The report points out that market sentiment is trending cautious, but fundamentals continue to improve.