According to Coinbase’s latest quarterly survey released today, April 28, 2026, the general consensus around Bitcoin (BTC) is that it is underpriced despite trading below $80,000. This finding comes as Jerome Powell wraps up his tenure as Federal Reserve chair and President Trump’s nominee Kevin Warsh prepares to take the helm.
The Coinbase Q2 2026 Charting Crypto report surveyed over 91 global investors and found out that three-quarters of institutional respondents and about 61% of non-institutional participants see Bitcoin as undervalued.
Apparently, only 7% of institutions and 11% of non-institutions called it overvalued. Nonetheless, those numbers were largely unchanged from December 2025, according to Coinbase’s global head of research, David Duong.
The consistent sentiments of undervaluation stand out when looking at the bigger picture. Coinbase’s research team rated its overall crypto outlook as “neutral” for Q2, citing factors like geopolitical uncertainty tied to the Middle East conflict and other economic events.
The IMF also recently cut its 2026 global GDP growth forecast from 3.4% to 3.1%, and Oxford Economics warned that a severe oil disruption could drag growth down to 1.4% if major economies fall into recession.
Is Jerome Powell leaving the Federal Reserve?
Powell led his final Federal Open Market Committee meeting today, April 29, where Fed rates stayed in the 3.50% to 3.75% range. He also announced he would remain on the Board of Governors after his chairmanship ended on May 15, although his board term technically lasts till January 2028.
Powell’s tenure was commended by various colleagues, including Krishna Guha, Evercore ISI’s vice chairman, who stated that Powell “achieved the remarkable feat of bringing inflation back down without causing a recession” before Trump-era tariffs pushed prices higher again.
Guha also added that Powell would be remembered for “the dignity and professionalism that he brought to public service” after Powell weathered what he called “the most serious attack on central bank independence in decades.”
Powell’s succession, however, has sparked conversations among crypto investors interested in rate policy. As Cryptopolitan reported, Senator Thom Tillis recently signaled he would advance Warsh’s nomination, meaning a confirmation vote is likely in the coming weeks.
However, Powell’s decision to stay on the board could complicate Warsh’s agenda. As such, several policies Warsh favored (including eliminating the dot plot and changing the Fed’s inflation target measure) would face more friction with Powell still seated as a governor, according to analyst Matt Weller.
For traders, the logic seems to be straightforward. If Powell steps down entirely, it would clear the path for Warsh and potentially push long-term rates lower. His decision to remain keeps that variable in play.
ETF flows reinforce Bitcoin’s bullish case
Aside the survey, spot Bitcoin ETFs have pulled in nearly $2 billion year-to-date, according to 21Shares chief investment officer Adrian Fritz. Speaking on CoinDesk’s Public Keys, Fritz said Bitcoin now rivals mega-cap equities like Nvidia in daily trading volume, exceeding $50 billion, and called the asset “institutional ready” thanks to its ETF liquidity structures.
According to Fritz, Morgan Stanley and other large asset managers entering crypto are accelerating adoption. He described the steady buildup in flows as structural rather than speculative and even sees Bitcoin consolidating near current levels before potentially reaching $100,000 by the end of the year if all the conditions are right.
Combining such a broad institutional undervaluation conviction, a Fed leadership shift that could eventually favor looser policy, and sustained ETF inflows gives Bitcoin activists multiple catalysts to point to, even as geopolitical risk keeps Coinbase’s research team cautious in the near term.
