On-chain data from Coinbase and Glassnode suggests crypto markets may be forming a near-term floor. Bitcoin's Net Unrealised Profit/Loss metric has shifted from the 'Fear' zone into 'Optimism' — a historically meaningful transition that has preceded prior recoveries. Macro headwinds and Middle East developments continue to inject short-term noise, but the underlying signal is turning.
Institutional conviction is notable: 75% of institutional investors and 71% of non-institutional investors now view <a class="ticker-mention" href="/en-US/token/btc">BTC</a> as undervalued, pointing to a broad consensus that current prices represent opportunity rather than risk.
Ethereum's supply dynamics add another constructive data point — short-term supply (held under three months) dropped 38% in Q1, while long-term supply (held over a year) rose 1%. Fewer coins in weak hands and more in patient ones is a classic setup ahead of a trend reversal.
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