CoinDesk
Bitcoin slipped from an eight-month high near $87,400 to about $83,300 as CryptoQuant’s Bull Score climbed to 90 out of 100. The gauge jumped after BTC broke above its 365-day moving average, but the buying behind the rally is showing signs of fading.
Why it matters
CryptoQuant estimates spot demand has contracted by about 170,000 BTC over the past 30 days. Its apparent-demand measure compares newly mined Bitcoin with changes in the supply that has not moved for at least a year; the contraction indicates the market is absorbing fewer coins than are becoming available.
Speculative futures demand has weakened even faster, falling from about 164,000 BTC on Sept. 14 to 16,000 BTC on Sept. 29, a 90% drop in 15 days. CryptoQuant research head Julio Moreno said that without fresh demand, rallies struggle to extend.
Market impact
Recent Bitcoin buyers are sitting on average unrealized gains of 33%, the widest since December 2024. They realized gains on 25,700 BTC on Sept. 22, the largest single day of profit-taking this year. CryptoQuant also counted 76,000 altcoin deposits to exchanges over seven days, the most since October 2025, from 51,000 addresses. Exchange-held coins can be sold quickly, adding accessible supply if prices bounce.
Traders were also awaiting a US inflation reading for clues on interest rates. A high reading can raise rate-hike expectations and weigh on risk assets such as Bitcoin; a lower reading can tilt expectations toward cuts. The near-perfect Bull Score therefore contrasts with weakening demand and growing profit-taking.
Frequently asked questions
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What does CryptoQuant’s Bull Score measure?
It combines on-chain and market indicators into a single reading. CryptoQuant says the score rose after Bitcoin broke above its 365-day moving average.
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How much has Bitcoin spot demand contracted?
CryptoQuant estimates spot demand shrank by about 170,000 BTC over the past 30 days.
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How sharply did speculative Bitcoin futures demand fall?
It dropped from about 164,000 BTC on Sept. 14 to 16,000 BTC on Sept. 29, a 90% decline in 15 days.
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How much profit have recent Bitcoin buyers realized?
Recent buyers held average unrealized gains of 33%. They realized gains on 25,700 BTC on Sept. 22, the largest single day of profit-taking this year.
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Why are rising altcoin exchange deposits being watched?
CryptoQuant counted 76,000 altcoin deposits over seven days, the most since October 2025. Coins on exchanges can be sold quickly.
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