A new joint report from Coinbase Institutional and Glassnode reveals that most investors particularly institutions believe the Bitcoin bull market still has room to run over the next three to six months, even amid recent market turbulence.
The report, titled “Navigating Uncertainty,” was released on October 20, 2025, and reflects a cautiously optimistic sentiment across the crypto industry following Bitcoin’s recent correction from its all-time high.
Majority of Investors Still Bullish on Bitcoin
Between September 17 and October 3, 2025, researchers surveyed 124 investors, including 61 institutional and 63 independent participants.
The results showed that 67% of institutional investors and 62% of independent investors expect Bitcoin to continue rising over the next 3–6 months. However, nearly 45% of institutions believe the current rally could be the final stage of the bull market, compared to only 27% of independents who share that view.
Both groups identified the macroeconomic environment including inflation, interest rates, and global liquidity as the biggest risk for the coming months.
Coinbase’s David Duong: Favorable Conditions but Uncertain Outlook
In the report’s foreword, David Duong, Head of Research at Coinbase Institutional, noted that favorable regulatory and policy conditions could continue to support the digital asset market.
He expects digital asset treasuries and institutional inflows to remain strong, adding that potential interest rate cuts by year-end could unlock up to $7 trillion in idle liquidity.
However, Duong also warned of near-term challenges, such as the ongoing U.S. government shutdown, which has limited access to key economic data, and uncertainty around the long-term viability of the Digital Asset Treasury (DAT) business model.
The report’s overall stance is described as “cautiously optimistic” heading into Q4 2025, with researchers calling current conditions “especially favorable” for Bitcoin.
Institutions vs. Independents: Diverging Market Views
The survey highlights subtle differences between institutional and independent investor sentiment.
- Institutions tend to believe the market is entering the final phase of the bull run.
- Independents are more inclined to see it as an accumulation or markup stage, suggesting more upside ahead.
When it comes to altcoins, 38% of institutional respondents expect large-cap tokens to outperform in the next few months, compared to 29% of independents.
Meanwhile, independent investors are more bullish on DATs (Digital Asset Treasuries) with 14% favoring them versus 8% of institutions. Interestingly, the same 8% of institutions who see Bitcoin as the worst-performing asset also believe DATs will be the best performers, suggesting mixed opinions within the group.
Macro and Regulatory Risks Dominate Investor Concerns
Both investor groups see macroeconomic risks including potential slowdowns, rate hikes, and liquidity constraints as the most significant short-term threat.
- 38% of institutions and 29% of independents cited the macro backdrop as their top concern.
- Both also flagged geopolitical instability, hacks, and regulatory uncertainty as key risks.
Institutions appear less worried about liquidity drops or DAT failures compared to independents, possibly reflecting greater risk tolerance or hedging capacity.
ETFs, Token Burns, and Development Spending Lead Priorities
Both institutions and independents believe that SEC approval of spot crypto ETFs especially for single-name assets like Bitcoin and Ethereum will be a major market driver.
Roughly 13–14% of respondents said ETF approvals would have no impact, while the vast majority expect them to boost market sentiment and inflows.
When asked about corporate priorities, investors from both groups pointed to reserve token burning and increased development spending as the most important actions for crypto firms with large treasuries.
Emerging Trends: Ethereum ETFs and DAT Growth
The report’s second half explores emerging trends in the Bitcoin and Ethereum ecosystems.
Data from Q3 2025 shows that Digital Asset Treasuries (DATs) once dominated by Bitcoin are now increasingly holding ETH and SOL, signaling diversification among institutional players.
Ethereum’s dominance grew 4% in Q3, while Bitcoin’s fell 7% before rebounding in September.
Perhaps most notably, Ethereum ETF inflows ($9.4 billion) outpaced Bitcoin ETF inflows ($8 billion) for the first time, suggesting growing institutional interest in Ether. However, ETH’s overall performance remained subdued, with long-term holders taking profits during rallies a contrast to Bitcoin investors who have largely opted to hold through price peaks.
A Gradual, Not Explosive, Market Cycle
The report also highlights how the current 4-year cycle, which began in 2022, differs from previous ones. Both Bitcoin and Ethereum have shown slower, steadier growth rather than the explosive rallies seen in earlier cycles.
Analysts suggest this indicates a maturing market structure, where institutional influence and ETF participation create more controlled price movements.
Despite the recent pullback, Coinbase and Glassnode maintain that Bitcoin remains in a strong position, supported by favorable macro trends and long-term investor conviction.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
