The founder of on-chain analytics firm CryptoQuant has highlighted how the signals related to a Bitcoin bull run haven’t switched on yet.
Bitcoin Bull Score Index Is Still Inside The Neutral TerritoryMore specifically, the index makes use of ten metrics. Some of the popular ones part of it include the MVRV Z-Score, Trader Realized Price, and Stablecoin Liquidity. The Bull Score Index calculates its value in a simple manner: it counts up the number of metrics flashing a bullish signal for the cryptocurrency and multiplies the total by 10.
When the indicator has a value greater than 60, it means more than six metrics are pointing to positive market conditions. Such a trend implies BTC may be in a bullish market phase. On the other hand, the index being lower than 40 suggests the majority of the indicators are bearish toward the asset.
Now, here is the chart shared by Young Ju that shows how the trend in the Bitcoin Bull Score Index has fluctuated over the last few years:
As displayed in the above graph, the Bitcoin Bull Score Index spent its days inside the red territory during Q4 2025 and Q1 2026. This means that the market was in a bearish phase from the perspective of this index.
As the chart below shows, the total holdings of these investors have shot up recently.
The latest surge in the Bitcoin LTH supply could mark the end of a 2.5-year long consolidation phase for the metric. “This cohort controls the market and this is why the four year cycle is over,” said the analyst.
BTC PriceAt the time of writing, Bitcoin is floating around $77,300, down more than 4% in the past week.
