CryptoQuant Bull Score at 90/100… and yet demand of $BTC seems to be faltering already.
Today’s paradox (CryptoQuant report dated 29/09, reposted by CoinDesk / crypto.news on 30/09): the on-chain regime remains “extremely bullish” after the reclaim of the 365-day MA, but the buyers who pushed the high near 87.4k are stepping back.
FACTS
• Bull Score Index: 90/100
• Apparent spot demand: about −170,000 BTC over 30 days
• Growth in speculative futures demand: from ~164k to ~16k BTC in 15 days (about −90%)
• Altcoin deposits on CEX: 76,000 tx over 7 days (highest since Oct. 2025)
• Kraken spot ~83,300 $ (~07:56 UTC), far from the Kraken peak ~87,447 $
INTERPRETATION
High score = bull market structure. Contracting demand = rallies are harder to sustain without fresh inflows. Julio Moreno (CryptoQuant): without new demand, the bullish extension becomes more difficult near current levels.
SCENARIOS
• Consolidation / downward pressure if demand stays weak below the ~85k zone
• Bull remains intact as long as the 365-day MA (~80k according to CQ) holds
• Soft invalidation of the exhaustion scenario: clear rebound above recent highs with spot/futures demand picking back up
Are you more likely to look at the Bull Score, or at spot/futures demand, to judge whether this pullback remains healthy?
$BTC
#Bitcoin #CryptoQuant #OnChain
Today’s paradox (CryptoQuant report dated 29/09, reposted by CoinDesk / crypto.news on 30/09): the on-chain regime remains “extremely bullish” after the reclaim of the 365-day MA, but the buyers who pushed the high near 87.4k are stepping back.
FACTS
• Bull Score Index: 90/100
• Apparent spot demand: about −170,000 BTC over 30 days
• Growth in speculative futures demand: from ~164k to ~16k BTC in 15 days (about −90%)
• Altcoin deposits on CEX: 76,000 tx over 7 days (highest since Oct. 2025)
• Kraken spot ~83,300 $ (~07:56 UTC), far from the Kraken peak ~87,447 $
INTERPRETATION
High score = bull market structure. Contracting demand = rallies are harder to sustain without fresh inflows. Julio Moreno (CryptoQuant): without new demand, the bullish extension becomes more difficult near current levels.
SCENARIOS
• Consolidation / downward pressure if demand stays weak below the ~85k zone
• Bull remains intact as long as the 365-day MA (~80k according to CQ) holds
• Soft invalidation of the exhaustion scenario: clear rebound above recent highs with spot/futures demand picking back up
Are you more likely to look at the Bull Score, or at spot/futures demand, to judge whether this pullback remains healthy?
$BTC
#Bitcoin #CryptoQuant #OnChain
