Key Takeaways
Are institutions still bullish on Bitcoin’s future?
Nearly 67% expect BTC prices to rise through 2026.
Is Bitcoin still in an accumulation phase?
Whales and long-term holders continue to accumulate despite volatility.
Institutional conviction in Bitcoin [BTC] is growing, but so is the debate around its current phase.
While most large investors reportedly expect BTC to climb higher through 2026, there’s no clear consensus on whether the market is still in early expansion or nearing its next peak.
TradFi perhaps, sees Bitcoin’s market cycle very differently.
Institutions stay bullish, but questions remain
A new Coinbase survey titled “Navigating Uncertainty” revealed that institutions remain optimistic about Bitcoin’s trajectory, with nearly 67% expecting prices to climb through 2026.
Source: Coinbase
However, opinions are split on where the market stands right now. Around 45% of institutions believe we’re in the later stages of the bull run, while others think there’s still room for growth.
Coinbase’s David Duong said that market liquidity is still strong, and the overall outlook remains positive, but investors have become more cautious after the recent volatility.
Source: Coinbase
Meanwhile, sustained confidence is evident. Major players like Tom Lee’s BitMine and Michael Saylor’s Strategy have bought the dip with Ethereum [ETH] and BTC respectively.
Whales are leading the accumulation wave
The report showed mixed views among institutions, but on-chain data paints a more confident picture.
Source: Cryptoquant
Bitcoin’s exchange outflows stayed strong through October, showing accumulation even as markets turned cautious.
Santiment data also revealed that large holders with 10,000-100,000 BTC increased their balances in Q3.
Source: Santiment
This supports Coinbase’s view that liquidity is solid and long-term conviction remains strong. The buildup means big investors are preparing for the next phase of growth.
Conviction over speculation
Source: Coinbase
The report noted that Bitcoin’s illiquid supply dropped only 2% in Q3, even as prices hit new highs. This means most long-term holders (LTHs) aren’t selling.
Source: Glassnode
Glassnode data supports this, showing more coins staying untouched for over a year.
