CryptoQuant founder Ki Young Ju has stated that Bitcoin's bull market is not yet fully confirmed, despite improving on-chain conditions. The firm's Bull Score Index, which evaluates Bitcoin market conditions using ten on-chain metrics, remains in neutral territory. This index, which includes indicators like the MVRV Z-Score and stablecoin liquidity activity, suggests mixed market signals, with readings still between 40 and 60. While Bitcoin market sentiment has improved recently, Ki Young Ju emphasizes that the conditions for a full-scale bull market are still developing. Long-term Bitcoin holders continue to accumulate BTC, reinforcing optimism about the asset's long-term outlook. Analyst James Van Straten notes that wallets holding Bitcoin for over 155 days have increased their holdings, indicating growing confidence in Bitcoin's long-term value proposition. This trend, alongside rising spot ETF demand and institutional participation, suggests a structural evolution in the crypto market.