Bitcoin Bull Score Hits 90 as Spot Demand Cools
CryptoQuant sees the Bull Score rise to 90, but Bitcoin spot and futures demand are fading. Meanwhile, the market is watching U.S. inflation data and profit-taking from recent buyers.
Key Takeaways
- Bitcoin rose 0.4% on Wednesday to just above $83,300, after reaching nearly $87,400 earlier this week.
- CryptoQuant says the Bull Score is at 90 and that spot demand and futures demand have clearly cooled over the past few weeks.
- According to CryptoQuant, profit-taking is increasing, while altcoin deposits to exchanges climbed to their highest level since October 2025.
Bitcoin rose 0.4% in the Asian morning on Wednesday to just above $83,300 (€73,400), after the price had earlier this week been around an eight-month high of nearly $87,400 (€77,000). At the same time, CryptoQuant warns that the rally is losing steam: the Bull Score stands at 90 out of 100, and the buying appetite that supported the move is fading.
Bull Score Nears Its Ceiling
CryptoQuant's Bull Score combines on-chain and market data into one number. According to the company, the score jumped after Bitcoin moved above its 365-day moving average last week, a level CryptoQuant sees as confirmation of a bull market.
Still, the recent drop from the high shows the market is cooling off for now. CryptoQuant estimates that spot demand has shrunk by about 170,000 BTC over the past 30 days. Futures demand is also cooling fast: growth in speculative futures demand fell from about 164,000 BTC on September 14 to 16,000 BTC on September 29.
Fewer New Buyers
That slowdown fits the picture of recent buyers taking profits. According to CryptoQuant, they are sitting on an average unrealized gain of 33%, the highest level since December 2024. On September 22, 25,700 BTC were sold at a profit, the biggest day of profit-taking this year.
Julio Moreno, head of research at CryptoQuant, said in the report that rallies are hard to keep going without fresh demand. As long as spot demand keeps shrinking and futures growth stalls, further upside will be harder to sustain in the short term.
Altcoins and U.S. Data
The picture is also shifting for altcoins. CryptoQuant counted 76,000 altcoin deposits to exchanges over seven days, the highest number since October 2025. Coins sitting on an exchange can be sold quickly, which means extra supply is immediately within reach.
For European crypto investors, the key point is that Bitcoin is moving alongside broader market jitters. Later in the day, the market will be watching an important U.S. inflation reading, which could shape expectations for interest rate cuts. That often matters for risk assets like crypto, especially now that Bitcoin's recent rise is already being driven by a narrower base.
