Bitcoin's most watched on-chain signal just flipped bullish for the first time since BTC was at $126K.
CryptoQuant's Bull Score Index hit 50.
Bear territory: exited.
But before you go all in the market has shown this exact reading before.
March 2022.
Bull Score hit 50. Sentiment shifted. Everyone called the bottom.
Then Bitcoin dropped 65%.
So here's the honest read on what this signal actually means.
A Bull Score of 50 doesn't mean the rally is here.
It means the conditions for a rally are assembling.
There's a difference. And that difference has wrecked a lot of portfolios.
The index measures on-chain behavior across multiple metrics miner activity, exchange flows, long-term holder patterns, liquidity.
When it crosses 50, the structure is shifting.
When it sustains above 50, the trend is confirmed.
Right now we're at the crossing. Not the confirmation.
But here's what makes this reading different from March 2022.
Long-term holders absorbed 303,000 BTC in 30 days.
BlackRock stacked $900M in a single week.
The Pentagon is running a Bitcoin node.
A U.S. Congressman put it on the official record.
In 2022 institutions were watching.
In 2025 institutions are accumulating.
The macro backdrop has never been more structurally bullish.
But the chart still has the final vote.
Watch 50 hold. That's the only confirmation that matters right now.
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