Bitcoin’s Bull Score just hit zero — the most bearish score possible, and the first time it’s ever gone this low.
Key figures:
• CryptoQuant Bull Score: 0 out of 100 on Nov. 11 (CryptoQuant via crypto.news + CryptoBriefing) — down from 90 in September, then 20 on Nov. 10, then 0 a day later.
• Miner reserves: around 1.19 million BTC, the lowest since 2009 (CryptoQuant via crypto.news + adbytes.media, Nov. 12); exchange inflows at a 9-month high, with Binance receiving around 2,000 BTC in a single day.
• Apparent demand: minus 284,000 BTC over 30 days, the fastest decline since March 2025 (CryptoQuant, Nov. 10 research).
What this means to me: three different indicators are pointing in the same direction — sellers aren’t exhausted yet. But a score of 0 isn’t a verdict: in April 2025, the market recovered from a deeply pessimistic point, and this leverage reset hasn’t been clean — Binance open interest is down only around 12% since mid-October, compared with 20% during the February correction, while funding remains positive. Shrinking miner reserves also don’t necessarily mean they’ve all been sold — some may be used for liquidity and operating costs. BTC itself is still around 73,561, below the short-term holder cost basis of around 75,700.
What I’m watching next: whether the Bull Score starts rising from zero, whether exchange inflows slow down, and whether BTC can reclaim 75,565 — plus U.S. PPI data on Friday at 20:30 WIB.
What do you think: is a zero score like this more often a sign of capitulation, or the start of a deeper correction?
This is my analysis, not financial advice — always DYOR.
#Bitcoin #OnChain $BTC
Key figures:
• CryptoQuant Bull Score: 0 out of 100 on Nov. 11 (CryptoQuant via crypto.news + CryptoBriefing) — down from 90 in September, then 20 on Nov. 10, then 0 a day later.
• Miner reserves: around 1.19 million BTC, the lowest since 2009 (CryptoQuant via crypto.news + adbytes.media, Nov. 12); exchange inflows at a 9-month high, with Binance receiving around 2,000 BTC in a single day.
• Apparent demand: minus 284,000 BTC over 30 days, the fastest decline since March 2025 (CryptoQuant, Nov. 10 research).
What this means to me: three different indicators are pointing in the same direction — sellers aren’t exhausted yet. But a score of 0 isn’t a verdict: in April 2025, the market recovered from a deeply pessimistic point, and this leverage reset hasn’t been clean — Binance open interest is down only around 12% since mid-October, compared with 20% during the February correction, while funding remains positive. Shrinking miner reserves also don’t necessarily mean they’ve all been sold — some may be used for liquidity and operating costs. BTC itself is still around 73,561, below the short-term holder cost basis of around 75,700.
What I’m watching next: whether the Bull Score starts rising from zero, whether exchange inflows slow down, and whether BTC can reclaim 75,565 — plus U.S. PPI data on Friday at 20:30 WIB.
What do you think: is a zero score like this more often a sign of capitulation, or the start of a deeper correction?
This is my analysis, not financial advice — always DYOR.
#Bitcoin #OnChain $BTC