Bitcoin's on-chain health is treading water. The Bitcoin Bull Score Index — a composite of ten metrics from CryptoQuant — is sitting in neutral territory. It hasn't flipped bullish. And the company's founder made that plain this week: the real party hasn't started.
What the Index Shows
The Bull Score Index ranges from 0 to 100. Below 40 is bearish; above 60 is bullish. Right now it's stuck between 40 and 60 — neutral ground. That's a step up from Q4 2025 and Q1 2026, when the index spent months in bearish territory below 40. But it's not a green light.
Ki Young Ju's Take
CryptoQuant founder Ki Young Ju didn't mince words. He said once a real Bitcoin bull run begins, all signals will be clear. 'We are not there yet,' he stated. No ambiguity. The index needs to break above 60 before he'd call it a confirmed uptrend.
Long-Term Holders Flip the Script
One bright spot: the supply held by long-term holders has broken out of a 2.5-year downtrend, according to analyst James Van Straten. That metric measures coins that haven't moved in at least 155 days. The shift suggests the old hands are accumulating again, not distributing. It's a concrete detail that gives bulls something to point to — even if the composite index isn't there yet.
Price Action
Bitcoin changed hands around $77,300 at the time of writing, down more than 4% over the past week. The neutral index reading hasn't helped sentiment. Neither has the broader market's drift. The price dip isn't catastrophic, but it's not the kind of action that signals a breakout.
The next milestone is clear: the Bull Score Index needs to climb above 60. Until then, Ki Young Ju's warning stands. The on-chain data hasn't given the all-clear.
