Bitcoin’s Bull Score Hits 90 Even as Spot and Futures Demand Cool Sharply
CryptoQuant’s Bull Score indicator recently hit 90 out of 100 after Bitcoin broke above its 365-day moving average, a reading the firm treats as confirmation of a bull market, even as the underlying demand data it is built on shows real buying momentum is already fading.
A near-perfect score built on cooling demand
Bitcoin has retreated from an eight-month high near 87,400 dollars to around 83,300 dollars even as the Bull Score sits close to its ceiling, a gap that CryptoQuant flags as a genuine warning sign for bulls rather than a reason for confidence. A trend score that stays high while price momentum is already reversing suggests the indicator is reflecting where the market has been more than where it is actually heading next.
Spot demand has pulled back meaningfully
Spot demand has contracted by roughly 170,000 BTC over the past 30 days, based on CryptoQuant’s apparent demand metric, which compares newly mined Bitcoin against changes in coins that have remained unmoved for a year or longer. A shrinking apparent demand reading typically means fewer long-term holders are net accumulating relative to new supply entering circulation.
Futures demand collapsed even faster
Speculative futures demand dropped from roughly 164,000 BTC on September 14 to just 16,000 BTC on September 29, a 90 percent decline in only 15 days. CryptoQuant also reported that recent buyers are sitting on average unrealized profits of 33 percent, profit-taking hit 25,700 BTC on September 22, the largest single day this year, and altcoin exchange deposits reached 76,000 over seven days, the highest level since October 2025.
Why these signals matter together
Rising profit-taking alongside a sharp futures demand collapse and growing altcoin exchange deposits paints a picture of a market where existing holders are increasingly comfortable realizing gains while fresh speculative capital is pulling back at the same time. CryptoQuant’s head of research, Julio Moreno, summarized the core risk plainly: without fresh demand, rallies struggle to extend, regardless of how strong a trend-confirmation score might currently read.
Frequently asked questions
Does a falling Bull Score always predict a price drop? No, the Bull Score reflects trend confirmation rather than forward prediction, so a high reading alongside weakening demand data is a divergence worth watching rather than a guaranteed reversal signal.
What would reverse the current demand slowdown? A renewed increase in both spot accumulation and futures positioning would be needed to meaningfully change the current demand picture, according to the underlying CryptoQuant metrics.
This article is for informational purposes only and does not constitute financial advice. On-chain indicators are analytical tools, not guarantees of future price movement.