Headline: CryptoQuant’s Ki Young Ju says Bitcoin’s “bull run” lights haven’t turned on — Bull Score still neutral
CryptoQuant founder Ki Young Ju is urging caution: the on-chain signals that typically confirm a Bitcoin bull market haven’t yet flipped to “go.”
What the Bull Score shows
- CryptoQuant’s Bull Score Index aggregates 10 on-chain metrics — including MVRV Z-Score, Trader Realized Price and Stablecoin Liquidity — into a single 0–100 reading. It simply counts how many metrics are flashing bullish and multiplies that count by 10.
- Readings above 60 mean a majority of indicators are bullish; below 40 means most are bearish; 40–60 is neutral.
- Ju shared a chart on X showing the index spent Q4 2025 and Q1 2026 largely in the red (bearish), and has recently moved into the neutral band. He warned, “Once the real Bitcoin bull run begins, all signals will be very clear. We are not there yet.”
Why this matters
A neutral Bull Score means improvement from outright bearish conditions, but not the broad-based confirmation traders look for before declaring a sustained bull phase. In other words, early recovery signs exist, but the coordinated signal flip that usually marks a true bull market hasn’t occurred.
A bullish counterpoint — long-term holders
Separately, analyst James Van Straten highlighted on X that Bitcoin supply held by long-term holders (LTHs) — investors holding for more than 155 days — has broken a multi-year downtrend and shot higher. That cohort is often seen as the market’s “diamond hands.” Van Straten suggested the breakout could end a roughly 2.5-year consolidation for LTH supply, adding, “This cohort controls the market and this is why the four year cycle is over.”
Bottom line
The picture is mixed: the Bull Score remains in neutral, signaling caution, while rising long-term-holder accumulation could be building a firmer base for future gains. Traders should watch for a sustained Bull Score above 60 and continued LTH accumulation as clearer evidence that a new bull run has begun.
Market snapshot: Bitcoin was trading around $77,300 at the time of writing, down more than 4% over the past week.
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