Bitcoin Bull Score Hits 80 as Spot Demand and Institutional Finance Drive Breakout

Bitcoin (BTC) has surged past $103,000, marking a dramatic shift in market sentiment as its Bull Score Index climbs from 20 to 80. This surge reflects one of the strongest bullish signals in over a year, fueled by soaring spot demand and intensified activity in institutional finance.

Spot Demand Awakens Bitcoin’s Bullish Energy

The Bull Score Index—an aggregation of ten critical on-chain metrics including liquidity, market inflows, and network activity—shows a strong correlation with broader market trends. Readings above 60 typically align with sustained rallies, while scores under 40 often signal bearish phases.

On April 7, Bitcoin’s Bull Score hovered at just 10, coinciding with prices below $80,000. But growing interest from ETFs and large investors triggered a steady climb, pushing the index to 40 by April 26 and then to 80 as Bitcoin smashed the $100,000 mark for the first time since February.

Santiment data reinforces this bullish setup, with over 344,000 new wallets created on the Bitcoin network last week alone. Historically, such growth signals peak-cycle retail enthusiasm.

Finance Giants Power a New Phase for Bitcoin

CryptoQuant CEO Ki Young Ju admitted the scale of the turnaround, stating on X:
“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.”

He added that traditional triggers for market dips—like large whale sell-offs—are now being counterbalanced by unprecedented institutional accumulation. Companies like Strategy, various spot ETFs, and even government-led initiatives such as President Trump’s proposed Bitcoin Strategic Reserve are altering the landscape.

“Forget past cycle models,” Ju said. “Institutional finance is now driving the market.”

Bitcoin’s Price Action Stays Strong Despite Slight Lag

At $103,260, Bitcoin has gained 3.5% over the past 24 hours, 33.7% in the last month, and nearly 70% year-on-year. Yet it remains about 5.2% below its all-time high near $109,000.

Though Bitcoin maintains a dominant 60.5% share of the crypto market, its 6.6% weekly gain slightly trails the broader sector’s 8.8% rise, suggesting continued potential for upside.

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