

출처: Block Media
Investor Survey Predicts Sustained Optimism for Bitcoin Bull Market in the Next 3-6 Months
A newly released report by Coinbase Institutional and Glassnode indicates a strong belief among investors that the ongoing Bitcoin (BTC) bull market could extend for another three to six months. Published on October 20 under the title "Navigating Uncertainty," the study combines survey responses from institutional investors and independent market participants with deep analytical insights into the cryptocurrency market. As detailed in CryptoNews, this report provides an in-depth overview of the evolving crypto ecosystem amid a dynamic and unpredictable economic landscape.
Favorable Macroeconomic and Regulatory Tailwinds
The report begins with an introduction from David Duong, Head of Research at Coinbase Institutional, who highlights how macroeconomic and regulatory shifts could create a positive environment for the cryptocurrency sector. Duong predicts that several factors—including anticipated interest rate cuts—might unlock nearly $7 trillion in inactive capital by the end of the year, potentially fueling increased demand for digital assets.
Duong also cautions against ongoing challenges, noting restricted access to economic data during government shutdowns and lingering uncertainties surrounding Digital Asset Trust (DAT) business models. Despite these hurdles, his outlook for Q4 2025 remains cautiously optimistic, citing favorable conditions surrounding current Bitcoin market dynamics as a significant advantage for growth.
Institutional vs. Independent Investor Sentiment
Surveying 124 participants—61 institutional investors and 63 independent investors—the study reveals clear differences in their perceptions of the Bitcoin market and asset performance. Both groups maintain a generally positive outlook, but institutional investors are more inclined to view the current bull market as nearing its final stages. On the other hand, independent investors believe the market is transitioning into the accumulation phase or is already in an upward trajectory entering a full-scale markup stage.
Investment choices also differ between these groups. Among institutional respondents, 38% predicted large-cap altcoins as standout performers over the next 3-6 months, compared to 29% of independent investors who shared this view. Notably, independent investors displayed higher enthusiasm for Digital Asset Trusts (DATs), with 14% seeing them as key performers compared to only 8% of institutional respondents.
Furthermore, asset performance projections varied widely within both groups. Among institutional investors, Bitcoin was deemed the worst-performing digital asset by 8% of respondents, although a similar 8% identified DATs as top-performing—alluding to a divided perspective on DATs’ role in the market. Conversely, independent investors were slightly more skeptical, with 15% predicting Bitcoin would underperform through 2025. Both institutional and independent investors rated small-cap altcoins poorly, with 60% and 42%, respectively, indicating them as potential underperformers.
Risks: Macroeconomic Pressures and Regulatory Uncertainty
Macroeconomic deterioration emerged as the biggest perceived risk to market growth, highlighted by 38% of institutional respondents and 29% of independent investors. Other concerns cited include geopolitical tensions, hacking, regulatory shortcomings, and liquidity erosion. Independent investors showed heightened sensitivity to potential failures in DAT business models and liquidity risks compared to their institutional counterparts.
Anticipation for a Spot Bitcoin ETF
One area of shared optimism among institutional and independent investors is the possibility of the U.S. Securities and Exchange Commission (SEC) approving a single-name spot Bitcoin ETF. Survey participants anticipate significant market growth should the ETF be approved, with independent investors expressing slightly higher confidence in its impact. Only 13–14% of respondents doubted the ETF would influence the market meaningfully.
Investors also prioritized token strategies among crypto-focused companies, particularly emphasizing reserve token burns and funding development expenditures. DAT-related products rank among the most actively traded in the current market. Institutional investors highlighted Solana (SOL) as the next-most-traded asset behind DATs, while independent investors pointed to Bitcoin’s ongoing high level of trading activity alongside DATs.
Shifts in Bitcoin-Ethereum Market Dynamics
As the cryptocurrency market continues to evolve, the report sheds light on an emerging trend involving institutional investments in Ethereum (ETH) and Solana (SOL) via DATs. This diversification marks a subtle but significant shift from past cycles when Bitcoin-dominated holdings were the norm.
During Q3 2025, Bitcoin's market dominance decreased by 7%, only to rebound in September. Simultaneously, Ethereum’s market share grew by 4%, signaling its increasing traction among investors. The comparison of spot Bitcoin ETFs and Ethereum ETFs showed steady growth for the former, while the latter experienced a period of horizontal growth between July and September followed by increased volatility.
A notable development came in August, when Ethereum ETF inflows surpassed Bitcoin ETF inflows by a factor of 10, sparking renewed speculation. Some argue that this could foreshadow Ethereum overtaking Bitcoin in terms of market dominance. Unlike the dramatic price spikes that typified earlier cycles, the current cryptocurrency market—beginning in 2022—has demonstrated more measured fluctuations. Ethereum, specifically, has shifted away from abrupt upward trends into a prolonged period of gradual declines.
Key Takeaways and Future Outlook
The findings in “Navigating Uncertainty” illustrate the complex and rapidly maturing cryptocurrency ecosystem. The market is defined by diverse perspectives, cautious optimism, and a growing focus on emerging assets and technologies like DATs. While Bitcoin retains its dominance as the sector’s cornerstone, Ethereum and other large-cap altcoins are garnering increased institutional interest, paving the way for a more diversified digital asset landscape.
Cryptocurrency investors should keep a close eye on regulatory developments—including potential SEC approval for a spot Bitcoin ETF—as well as macroeconomic shifts that could inject vast capital into circulation. Despite the challenges, the report paints an overall picture of continued growth and opportunity, making the next few months a pivotal time for strategic positioning in the industry.