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Bitcoin Bull Score Jumps to 80 as Spot Demand Fuels Optimism

After months of price malaise, Bitcoin (BTC) is roaring back, having climbed past $103,000 today and signaling a shift in market sentiment.

According to CryptoQuant, the catalyst is a massive surge in spot demand, which has propelled Bitcoin’s Bull Score Index from a bearish 20 to a blazing 80, indicating one of the most bullish readings in over a year.

Market Sentiment Shift

The index comprises ten key on-chain metrics, including liquidity, network activity, and market inflows. Historically, flows above 60 have been associated with sustained rallies, while those below 40 have often signaled bear markets.

As recently as April 7, data from CryptoQuant shows Bitcoin’s Bull Score was languishing at 10, with prices struggling below $80,000. However, a steady climb in spot demand, fueled by ETF inflows and institutional interest, revitalized the market.

By April 26, the score had hit 40 as BTC reclaimed the $94,000 level, and this week’s jump to 80 comes alongside the crypto asset smashing through $100,000 for the first time since February.

Supporting this thesis, analytics firm Santiment recently 报告 that more than 344,000 new wallets had been created on the Bitcoin network over the past week, as retail FOMO kicked in. Such growth has often been witnessed during previous cycle tops, suggesting a wider demographic is now buying into BTC.

CryptoQuant CEO Ki Young Ju acknowledged the importance of the shift, posting on X earlier today:

“Two months ago, I said the bull cycle was over, but I was wrong… selling pressure is easing, and massive inflows are coming through ETFs.”

Ju noted that traditional sell-pressure triggers, like whale dumps, are now being offset by institutional demand. The relentless acquisition of Bitcoin by corporations like Strategy, spot ETFs, and even government interest, including the signing off on a national Bitcoin Strategic Reserve by U.S. President Donald Trump, has introduced unprecedented liquidity, making past cycle models less reliable.

“It’s time to throw out that cycle theory,” said the analyst. “The market is merging with TradFi, and institutional liquidity is overpowering traditional sell-off patterns.”

A Rally From April Lows

Meanwhile, price action tells its own story. Bitcoin is currently trading at $103,260, up some 3.5% in the last 24 hours. The asset has also rallied 33.7% over the past 30 days, while year-on-year, it’s increased almost 70%.

However, despite the impressive rebound, BTC still sits 5.2% below its all-time high of roughly $109,000 from earlier in the year.

Furthermore, Bitcoin’s 6.6% uptick across the week means that despite dominating altcoins with a 60.5% share of the sector, its performance lags slightly behind the broader crypto market, which grew 8.8% in the last week.

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