The dip came as CryptoQuant’s Weekly Crypto Report, published today and shared with Bitcoin Magazine, argued the backdrop skews toward further gains. Head of Research Julio Moreno framed the bounce as a bear-market recovery rather than a trend reversal, with one central caution: the firm’s Bull Score Index, an aggregate of on-chain, market, and valuation conditions on a 0-to-100 scale, sits at 20, inside the bearish zone at or below 40 and short of the 60 reading tied to a sustainable bull market.
The report’s bullish case rests on seasonality. Across the past decade, July has ranked among Bitcoin’s stronger months, closing higher in most years shown.
The pattern held in the down-cycles of 2018 and 2022, when Bitcoin gained some 20% and 17% during the month as the broader trend stayed weak. Entering July 2026 off a bear-market low, the report said, that pattern skews near-term risk toward gains.
Bitcoin demand is turning
Demand has turned. The 30-day change in total demand — spot plus perpetual futures — collapsed to some -650,000 BTC in early June, the deepest negative reading since 2022, as Bitcoin fell toward $58,000.
