Bitcoin (BTC) Bitcoin is currently in its lowest bullish phase since January 2023. Bitcoin has been in an upward trend since January 2023. “bull score index,” Investor sentiment has dropped to its lowest level in the last two years.
Bitcoin bulls score index Source: CryptoQuant
CryptoQuant’s “Crypto Weekly Report” You can also read our blog about it. explained You can also find out more about us here. “bull score index” The likelihood of a bull market increases when readings are consistently below 40. In the graph above, you can see that in 2024, the bulls score did not dip below 40, but only in February of 2025.
Bitcoin has managed to hold its value despite the steep losses on the US stock exchange. On April 3, Bitcoin closed the day with a green candle, while the S&P 500 was down 4.5%, a historic first.
The S&P 500 and Dow Jones extended their decline on April 4, dropping 3.87% and 3.44%, respectively, while Bitcoin held steady near the breakeven point.
Related: Arthur Hayes loves tariffs as printed money pain is good for Bitcoin
Is Bitcoin near a risk-on phase?
CryptoQuant Data indicates Bitcoin’s value days destroyed (VDD), which is a metric that measures the amount of time that Bitcoin has been in existence, currently stands at 0.72. This suggests that Bitcoin prices are transitioning. These periods preceded price consolidations or new accumulations before bullish breakouts since 2023.
Bitcoin value days destroyed. Bitcoin value days destroyed. Source: CryptoQuant
Bitcoin VDD measures the long-term movement of coins. It has shown a noticeable market trend ever since late 2024. The VDD metric peaked on Dec. 12 at 2,27, signaling aggressive profits-taking. This dynamic was similar to that seen in 2017 and 2021. VDD fell to 0.65 by April. This reflects a period of cooling off where profits have subsided.
It opens up the possibilities of an “risk-on” market for Bitcoin. In financial terms, a “risk-on” Investors often embrace high-risk assets such as cryptocurrencies because of optimism or a mean reversion in trend.
Bitcoin might benefit unexpectedly from market instability caused by the US-led Trade War.
Jackis, a crypto trader from Australia, spoke about Bitcoin and its potential to act as a hedge in the face of traditional market volatility. said,
“A reminder, this is not a crypto-driven drop but an overall risk-on, tariff, trade war-driven drop. While all of that is unfolding, it seems that crypto has likely undergone most of its downside already and has been lately absorbing all of the selling well.”
Similarly, the Crypto Fear & Greed Index also exhibitThe ed “fear” The score was 28, and the category had a 28. This index recorded an “extreme fear” Score of 25 for the 3rd April, suggesting a good buying opportunity.
Crypto Fear & Greed Index. Source: alternative.me
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Source: cointelegraph.com
