TL;DR
- CryptoQuant founder Ki Young Ju says Bitcoin’s bull market is still not fully confirmed despite improving on-chain conditions.
- The firm’s Bull Score Index remains in neutral territory, showing mixed market signals.
- At the same time, long-term Bitcoin holders continue accumulating BTC, reinforcing optimism around the asset’s long-term outlook.
Bitcoin market sentiment has improved in recent weeks, but CryptoQuant founder Ki Young Ju believes the conditions for a full-scale bull market are still developing. According to the latest on-chain data shared by the analyst, several key indicators remain below the levels usually associated with sustained upward momentum.
Once the real Bitcoin bull run begins, all signals will be very clear.
We are not there yet. pic.twitter.com/h91vO8mxCO
— Ki Young Ju (@ki_young_ju) May 22, 2026
Bitcoin Bull Run Indicators Stay In Neutral Territory
CryptoQuant’s Bull Score Index combines 10 different on-chain metrics to evaluate Bitcoin market conditions. The model tracks indicators such as the MVRV Z-Score, Trader Realized Price, and stablecoin liquidity activity. Each bullish signal contributes to a final score ranging from zero to 100.
Historically, readings above 60 have aligned with strong bullish phases, while levels below 40 have reflected bearish market conditions. Recent data shows the indicator recovering from weak levels recorded during late 2025 and early 2026, although it still moves within the neutral zone between 40 and 60.
Ki Young Ju explained that a confirmed Bitcoin bull run usually appears when most indicators simultaneously support positive market momentum. According to his assessment, the current environment shows improving liquidity and sentiment, but not enough confirmation to classify the market as fully bullish.
The analyst’s comments arrive while optimism grows across the crypto sector. Many traders expect easing monetary conditions, rising spot ETF demand, and stronger institutional participation to support higher Bitcoin prices during the second half of 2026.
Long-Term Holders Continue Expanding Bitcoin Positions
Additional data shared by analyst James Van Straten points to another important trend. Bitcoin wallets holding BTC for more than 155 days recently increased their total supply holdings after a prolonged consolidation phase.
Long-term holders are often considered one of the market’s strongest investor groups because they typically accumulate during periods of uncertainty and reduce selling activity during corrections. The latest increase in holdings may reflect growing confidence in Bitcoin’s long-term value proposition.
Some analysts believe this accumulation trend highlights a structural evolution in the crypto market. Spot Bitcoin ETFs, sovereign interest in digital assets, and broader institutional participation continue reshaping capital flows compared with previous cycles.
