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Most institutional buyers are bullish on Bitcoin heading into 2026 amid a powerful macro backdrop and digital asset regulatory progress within the US, in keeping with a report by Coinbase Institutional.
In a report titled, “Navigating Uncertainty,” Coinbase Institutional head of analysis David Duong mentioned that “most respondents are bullish on Bitcoin.”
Traders Stay Bullish Regardless of Divide Over Present Market Stage
Coinbase Institutional performed a latest survey of institutional buyers with 124 respondents. 67% of the respondents mentioned that they’re nonetheless bullish on Bitcoin for the subsequent three to 6 months.
Nonetheless, the report famous that there was a “significant divergence” of opinion almost about what stage of the cycle the market is in. In response to the report, 45% of establishments imagine the market is within the late levels of the bull run, whereas solely 27% of non-institutions share the identical view.
Digital Asset Treasury Firms Have Had A Main Impression On The Market This Yr
Duong then mentioned that digital asset treasury (DAT) companies gave the crypto market a significant increase this yr.
“Trying on the provide/demand image, it’s exhausting to overstate the impression that digital asset treasury corporations have had on markets this yr,” wrote Duong within the report.
The report follows the report $20 billion liquidations within the crypto market on Oct. 10, which analysts have labeled as a much-needed “de-leveraging.”
Throughout that flash crash, the crypto market cap dropped beneath $4 trillion, and has not managed to get better since, information from CoinMarketCap reveals.
Crypto market cap (Supply: CoinMarketCap)
Market leaders Bitcoin and Ethereum have additionally struggled to get better their losses from the market-wide pullback. BTC continues to be greater than 3% within the purple on the weekly timeframe, whereas ETH is over 1% down over the previous week.
Zooming out to the month-to-month timeframe reveals that BTC has slid greater than 3% over the previous thirty days, whereas Ethereum is down greater than 8% over the identical interval.
Technique and BitMine, that are the most important Bitcoin treasury and largest Ethereum treasury corporations, respectively, stepped in to purchase the latest dip and supply the crypto market with some help.
After buying 220 BTC on Oct. 13, Michael Saylor just lately hinted at a recent BTC purchase by his agency with a cryptic put up on X.
Crucial orange dot is at all times the subsequent. pic.twitter.com/N5GQOdqr6y
— Michael Saylor (@saylor) October 19, 2025
In the meantime, BitMine purchased the most recent dip by buying over 379K ETH price practically $1.5 billion for the reason that flash crash.
Bitcoin Nonetheless Has Room To Run
Duong mentioned within the report that the Bitcoin worth nonetheless “has room to run.” Nonetheless, the analyst is extra cautious now following the latest crypto market flash crash.
“We nonetheless see resilient liquidity circumstances, a powerful macro backdrop, and supportive regulatory dynamics,” the analyst mentioned within the report.
From a macro perspective, Duong mentioned that the “labor market seems to be cooling,” including that “fears of a pointy contraction within the economic system look overblown.”
Along with that, there are additionally two extra anticipated Federal Reserve rate of interest cuts and huge money-market funds sitting on the sidelines, which Duong mentioned might drive the markets within the fourth quarter.
“Further charge cuts from the Fed, in addition to higher fiscal and financial stimulus in China, might incentivize extra buyers to come back off the sidelines,” the analyst mentioned within the report.
On the regulatory entrance, Duong mentioned that crypto regulation “is heading in the right direction.” The analyst highlighted the signed GENIUS Act and the CLARITY Act as indicators that the regulatory panorama is shifting in the best course.
Duong additionally famous that infrastructure for US spot Bitcoin and Ethereum ETFs (exchange-traded funds) continues to deepen, which improves entry for conventional market gamers and provides to market depth. These funding merchandise, Duong argues, present rails for the crypto market that maintain utilization and liquidity flowing via volatility.
Coinbase Favors Bitcoin, Says Traders Want To Be Cautious Round Alts
Duong then went on to say that Coinbase Institutional favors crypto market chief Bitcoin for its “digital gold” narrative, particularly as doubts round fiscal and financial self-discipline persist. The analyst added that Coinbase is extra cautious in relation to altcoins.
Regardless of the cautious stance in direction of altcoins, Coinbase did say that Ethereum seems constructive.
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