The Milk Road Show Is Bitcoin About to Rally? New Onchain Data Reveals What’s Really Happening w/ Julio Moreno
Mar 13, 2026
Julio Moreno, Head of Research at CryptoQuant and on-chain Bitcoin analyst, breaks down the latest on-chain metrics. He discusses CryptoQuant’s bull score and the nine signals behind it. He explains spot demand trends, U.S. buying shifts, exchange flows and Coinbase premium. He also covers trader pain, long-term holder selling, stablecoin liquidity, and the resistance bands that matter.
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Relief Rally Doesn’t Mean Bull Market
- Bitcoin is still in a bear market despite recent price relief.
- CryptoQuant's bull score rose from zero to ~30 as several on-chain metrics became less bearish while prices consolidated from $60k to $74k.
Spot Demand Contraction Is Easing
- Spot demand contraction is slowing but still negative overall.
- Apparent demand metric fell from -136k to -46k BTC (30-day sum), indicating pace of outflows has decelerated and briefly flipped positive for a few days.
Commodity Research Tricks Applied To Bitcoin Demand
- Julio applied a commodities research approach to estimate Bitcoin demand using inventories and issuance.
- He treats coins unmoved for one year as 'inventory' and measures changes versus new issuance to infer demand pressure.