Bitcoin’s Bull Score Drops to 20 — On-Chain Signals Indicate Weakening Momentum

Market Context

Bitcoin’s price has cooled following a surge toward the $124K mark earlier this year. As volatility increases across broader markets, investors are closely watching on-chain metrics to assess whether the correction reflects a healthy pause or the start of a deeper downturn. Consistent ETF outflows—particularly U.S. spot Bitcoin ETF withdrawals approximating $180 million—have further dampened bullish sentiment. 

Technical Details

• Bull Score Breakdown: The Bull Score Model evaluates market conditions using ten on-chain and market indicators—including network activity, MVRV ratio, and stablecoin liquidity. Only two metrics—Stablecoin Liquidity and Technical Signal—are currently bullish. There has been a notable shift toward red signals since mid-February 2025. 
• Historical Comparison: A Bull Score above 60 historically aligns with strong rally phases. Conversely, readings below 40 have been tied to protracted bear markets. The current level of 20 marks a multi-year low.
• Shift to Neutral: Recently, CryptoQuant’s Bull Score Index has transitioned from “Bullish Cooldown” to Neutral, further indicating clear directional momentum is lacking. 

Analyst Perspectives

Analysts warn that Bitcoin is entering a phase of diminished momentum, where bullish signals are weak and downside risk is elevated. They observe that unless supportive macro or on-chain catalysts emerge, the market is more vulnerable to corrections than rallies—especially given lackluster investor sentiment and declining ETF inflows.

Global Impact Note

Bitcoin’s weakening on-chain metrics may resonate across global crypto markets as a leading indicator of sentiment. Should bearish pressure persist, altcoin markets could experience correlated declines, and institutional capital—especially from enterprise or regional treasuries—may delay exposure. Conversely, a rebound in Bull Score could rekindle broader global crypto confidence.