You Won’t Believe What Sent Bitcoin’s Bull Score to 80! 🚀🤑

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One scarcely knows whether to laugh or emigrate. After a protracted winter marked by languor and inexorable malaise — not unlike the fate of a declining aristocratic estate — Bitcoin has suddenly leapt over the hedge, vaulting past the $103,000 gateposts, as if possessed by the spirit of a particularly ambitious racehorse.

Our new Cassandra is CryptoQuant, who claims — with the fervour of a travel agent selling trips to Mars — that “spot demand,” whatever that is, has summoned a tremendous updraft in the Bull Score Index: up from a sepulchral 20 to a positively indecent 80. Champagne corks are popping in digital drawing rooms everywhere. It’s apparently the most bullish mood since the days when billionaires talked about buying Mediterranean islands with their gains (oh, the nostalgia). 🍾

Market Sentiment Shift

The Bull Score Index, for those still pretending to care about the minutiae, is cobbled together from no fewer than ten “on-chain” metrics, including liquidity, network activity, and the fevered dreams of market inflows. History, that unreliable houseguest, suggests indices over 60 mean champagne and roses; below 40 means budget gin and tears.

Flashback to April 7: Bitcoin’s Bull Score was moping about at 10, and our digital friend couldn’t even clear $80,000 without tripping over its own ambition. But then, miracle of miracles — the ETF brigade and sundry institutions stampeded onto the scene, sending prices upward and analysts into fits of celebratory hand-waving.

April 26 found us at 40. This week we gallop, shoulders back and monocle firmly in place, to a sprightly 80 — all, one must note, as Bitcoin smashes $100,000 like a debutante bashing a champagne fountain.

Supporting this splendid thesis, Santiment purports that 344,000 new wallets emerged in the past week, presumably opened by retail investors experiencing FOMO and/or existential dread. One is reminded of the last days of the South Sea Bubble, minus the wigs and waistcoats (though the delusion is much the same).

Over on X (née Twitter, fellow sticklers), CryptoQuant’s CEO Ki Young Ju, having previously declared the bull run deceased (who among us hasn’t?), humbly reverses course:

“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.”

It turns out, traditional sell-signals (read: whales dumping the family silver), are now outpaced by the ravenous appetites of institutions and governments. Even President Donald Trump has been sighted attaching his signature to something called a ‘National Bitcoin Strategic Reserve’ — in a twist that would confound even the most imperturbable classicist.

“It’s time to throw out that cycle theory,” opines the analyst, jettisoning years of wisdom like last season’s wardrobe. “The market is merging with TradFi, and institutional liquidity is overpowering traditional sell-off patterns.”

A Rally From April Lows

And now, behold the price ticker: Bitcoin stands at $103,260, which is not merely a number but a conversation starter at parties. This represents a 3.5% gain in the past 24 hours, a brisk 33.7% gallop over 30 days, and a year-on-year rise nudging 70%. There are dreadful altcoins trailing behind like poor relations, but Bitcoin basks in a sector dominance of 60.5% — enough, one presumes, to inspire jealousy in Ethereum and outright despair in Dogecoin.

Yet, let us not toast too soon. BTC still remains a tantalising 5.2% below its all-time high of $109,000, earlier this year. The currency, it seems, is like a nouveau riche at the casino — dazzling, infuriating, and never quite at the top of the pile. Meanwhile, the entire crypto market managed to grow 8.8% this week, proving that, as ever, there are always greater fools, or at least more enthusiastic ones. 🥂

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2025-05-09 21:07