Coinbase has revealed its Q2 2026 “Charting Crypto” report, surveying 91 world traders on crypto market developments, sector positioning, and threat administration.
The agency’s general outlook on crypto markets is impartial for the quarter, with persistent geopolitical uncertainty — notably the continuing Center East battle — making short-term positioning tough.
Bitcoin seen as undervalued
Regardless of the cautious macro backdrop, investor sentiment towards bitcoin stays broadly optimistic within the Coinbase survey.
Three-quarters of establishments (75%) and round three-fifths of non-institutions (61%) view BTC as undervalued, little modified from December 2025.
Solely 7% of establishments and 11% of non-institutions see bitcoin as overvalued.
Macro headwinds dominate
Coinbase’s report notes that monetary markets are primarily being pushed by macro occasions moderately than crypto-specific developments.
The IMF revised its world GDP progress forecast from 3.4% to three.1% for 2026, assuming the Center East battle “stays restricted in period and scope.”
Oxford Economics went additional, estimating that extreme oil disruption might sluggish world GDP progress to simply 1.4% in 2026, with the “US and most main superior economies sliding into recession.”
Onchain indicators flip optimistic
Regardless of the macro uncertainty, a number of onchain metrics tracked within the report level to accumulation moderately than distribution.
The Puell A number of fell to 0.7 in Q1 2026, suggesting miner income was operating round 30% beneath its annual common — a degree traditionally related to oversold circumstances.
Bitcoin provide moved inside the final three months fell 37% in Q1 2026, whereas the share of provide unmoved for greater than a yr rose by 1%, according to patterns seen on the HODL waves chart throughout accumulation phases.
The MVRV Z-Rating and provide profitability metrics each counsel bitcoin is at present in an accumulation zone, which Coinbase says “affirms the optimistic technical setup going into Q2 2026.”
Key components
Coinbase additionally flagged two key crypto-specific components to look at:
Progress on the CLARITY Act and developments in post-quantum cryptography.