Coinbase and Glassnode Report Growing Optimism in the Crypto Market

Coinbase and Glassnode report improved market sentiment amid macroeconomic changes.

Coinbase and the analytics platform Glassnode have observed an improvement in market sentiment amid macroeconomic changes, according to their joint report.

https://t.co/HZnbv0qyxt

— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 28, 2026

A survey of 100 institutional and private investors revealed that about 73% of respondents believe the current price of Bitcoin is undervalued. The net unrealized profit indicator has shifted from the “fear” stage to “optimism.”

Analysts have noted changes in the Ethereum supply structure. In the first quarter, the volume of coins held by short-term holders decreased by 38%, while the amount of ether on the balances of long-term investors increased by 1%. Experts believe this indicates speculators are leaving the market.

Coinbase maintains a “cautious optimism” and expects a recovery in the prices of most digital assets within the quarter.

However, data from SoSoValue on April 28 indicates a local cooling of interest in exchange-traded funds. Spot Bitcoin ETFs recorded a net outflow of $89.68 million. The leader in the anti-rating was BlackRock’s IBIT fund, which lost $112.25 million.

A similar situation is observed in the Ethereum ETF sector: the net outflow amounted to $21.8 million. The largest losses were incurred by BlackRock’s fund (ETHA), which saw $13.17 million withdrawn.

Bitcoin’s Decline to $74,000

On-chain analyst known as Woominkyu warned of a potential Bitcoin correction to the $74,000–$75,000 range. He suggests this could be driven by rising exchange reserves and the activity of large players.

Exchange Inflow Spike: A Warning Sign or Just Noise?

“Unless this inflow is quickly absorbed, a retest of the $74K–$75K support zone is increasingly likely in the near term.” – By @Woo_Minkyu pic.twitter.com/hAtNZh4KcK

— CryptoQuant.com (@cryptoquant_com) April 29, 2026

On April 27, the net inflow of the asset to trading platforms amounted to 9,905 BTC, the highest value in the last 30 days. During this period, the price of the leading cryptocurrency failed to hold above the $78,000 resistance.

The analyst pointed to the rise in the Exchange Whale Ratio metric to 0.7: the top 10 largest transactions accounted for more than 70% of all deposits.

According to the expert, whales are transferring assets to exchanges for subsequent sale.

At the same time, overall exchange reserves are increasing: from April 25 to 28, the figure rose from 2.666 million BTC to 2.677 million BTC. 

Woominkyu believes that the accumulation of coins on platforms and the inability of the price to overcome the $79,000 level indicate the market is preparing for a decline. If buyers do not absorb the emerging supply, Bitcoin will test the $74,000-75,000 support zone.

Bitwise CIO Matt Hougan highlighted Strategy as a key driver of Bitcoin’s recent rally. Over the past eight weeks, the firm has purchased $7.2 billion worth of cryptocurrency. 

The purchases are financed through the issuance of perpetual preferred shares (STRC) with a dividend yield of 11.5%. The instrument is backed by Bitcoin reserves worth $63 billion. 

Hougan believes that Strategy will continue to attract capital through STRC until the company’s liabilities exceed 50% of its crypto assets. Currently, this figure stands at 33%.

On April 28, the price of the leading cryptocurrency adjusted to $76,337 after an unsuccessful attempt to hold above $79,000.