Bitcoin Bull Score = 0 – first time since January 2020.

Bitcoin-Bull-Score-0-first-time-since-January-2020

We’re not in an early-bear capitulation like 2022. This reset comes after an extended bull phase, with $BTC still near six-figure territory. ⤵️

What’s happening:

🔸 All 10 on-chain components (MVRV, ETF flows, stablecoin liquidity, demand growth, trader margins etc.) are below trend.
🔸 ETF and corporate inflows slowed, LTHs keep distributing, and stablecoin liquidity contracted.
🔸 Momentum fully cooled-market strength built on limited supply, not new demand.

Historically, a Bull Score = 0 marked either macro bottoms (2020, 2022) or late-cycle distribution before trend reversal. Given current levels, the setup looks more like a late-bull → early-bear transition than a deep capitulation.

✅ To reignite strength: ETF inflows + liquidity growth + LTH re-accumulation must return fast.
Otherwise, BTC drifts into an extended consolidation phase.

🤔 Is this the cooling breath before a new macro leg, or the opening chapter of a fresh bear cycle?