Key Takeaways
Are institutions still optimistic about 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 the volatility.
Institutional belief in Bitcoin [BTC] is growing, but so is the debate about its current phase.
While most major investors reportedly expect BTC to soar higher through 2026, there is no clear consensus on whether the market is still in early expansion stages or approaching its next peak.
TradFi may see Bitcoin’s market cycle very differently.
Institutions remain optimistic, but questions remain
A new Coinbase survey titled “Navigating uncertainty” revealed that institutions remain optimistic about Bitcoin’s trajectory Nearly 67% expect prices to rise until 2026.
Source: Coinbase
However, opinions are divided on where the market currently stands. All around 45% of institutions believe we are in the later stages of the bull run, while others think there is still room for growth.
Coinbase’s David Duong said market liquidity is still strong and the overall outlook remains positive, but investors have become more cautious after recent volatility.
Source: Coinbase
In the meantime, there is continued confidence. Major players like Tom Lee’s BitMine and Michael Saylor’s Strategy have bought the dip with Ethereum [ETH] and BTC respectively.
Whales lead the accumulation wave
The report showed mixed views among institutions, but supply chain data paints a more confident picture.
Source: Cryptoquant
Bitcoin outflows remained strong through October, showing accumulation even as markets turned cautious.
Santiment data also showed that large holders of 10,000-100,000 BTC increased their balances in the third quarter.
Source: Santiment
This supports Coinbase’s view that liquidity is solid and long-term conviction remains strong. The build-up means that major investors are preparing for the next phase of growth.
Conviction over speculation
Source: Coinbase
The report noted that Bitcoin’s illiquid supply fell just 2% in the third quarter, even as prices reached new highs. This means that most long-term holders (LTHs) are not selling.
Source: Glassnode
Data from Glassnode supports this, showing more coins remaining untouched for more than a year.
According to Coinbase’s 2026 outlook, Bitcoin is in a steady accumulation phase. Investors are holding firm, supply is shrinking and longer-term confidence is what determines the market rather than hype.