Bull Score for Bitcoin: 90 out of 100, Demand Declines

The Bull Score for Bitcoin, calculated by CryptoQuant, shows a score of 90 out of 100, according to a report published by the company on September 29, 2026. This index summarizes the state of the Bitcoin market on a scale from 0 to 100. However, in the same report, the analysis company notes a decline in demand: 170,000 BTC less in spot demand over 30 days, according to CryptoQuant. The flows of U.S. Bitcoin ETFs, recalculated by Cointribune, show the same slowdown since September 21.

In Brief

• 90 out of 100: Bitcoin's Bull Score level in CryptoQuant's report from September 29, 2026, 10 points from the maximum.
• −170,000 BTC: decline in spot demand over 30 days, according to CryptoQuant.
• From $999 million to $66.2 million: daily net inflows of Bitcoin ETFs between September 21 and September 29, according to Farside Investors.

What is the Bitcoin Bull Score?

The Bitcoin Bull Score is an index published by CryptoQuant, a data analysis company focused on on-chain metrics. It combines several indicators from the blockchain and market into a single score, ranging from 0 to 100. A high score indicates a bullish market phase, while a low score indicates a depressed market. To understand this type of indicator, our dossier on on-chain analysis covers the basics.

The index describes the state of the market at a given moment. It does not predict the price. CryptoQuant does not publish the details of its weighting in its public articles.

Why is the Bitcoin Bull Score Rising While Demand is Falling?

The two do not measure the same thing. The Bitcoin Bull Score aggregates indicators that describe the market situation after several weeks of increases. Demand measures the new purchases that are still coming in.

According to the report from CryptoQuant cited by FXStreet, the apparent demand in the spot market "contracted by 170,000 BTC over the last 30 days." Demand for futures contracts is also slowing. Its growth has dropped from 164,000 BTC on September 14 to 16,000 BTC on September 29. This is a decrease of about 90% in fifteen days.

Julio Moreno, head of research at CryptoQuant, summarizes this discrepancy:

Without new demand, increases struggle to sustain. With spot demand still contracting and futures growth stalling, short-term increases become harder to maintain.

Julio Moreno, CryptoQuant, quoted on September 30, 2026 (translation by the editorial team)

What Do Bitcoin ETF Flows Show?

U.S. spot Bitcoin ETFs provide an independent measure of demand. Their flows are published daily, fund by fund, by Farside Investors. Cointribune had tracked the moment when the 2026 flows turned positive.

On September 21, these funds received $999 million in a single session. It was their best session since at least the beginning of August, according to our records. The inflows then decreased almost every day.

Source: Farside Investors, consulted on September 30, 2026.

The ETFs remain in net inflows. However, the pace has been reduced by fifteen times over six sessions. This slowdown aligns with the observation that CryptoQuant publishes with the Bitcoin Bull Score: spot demand is declining.

Who is Selling in the Meantime?

With a Bitcoin Bull Score of 90, recent buyers are in profit. Their average unrealized gain reaches 33%, the highest since December 2024, according to CryptoQuant. An unrealized gain is a paper profit that only exists once the position is sold.

Some have sold. On September 22, holders realized gains on 25,700 BTC. This is the largest profit-taking in a single day of 2026, according to the same report.

What Remains Uncertain

The Bitcoin Bull Score and ETF flows do not indicate what the price will do. CryptoQuant describes a slowing demand, not an announced decline. The complete report from CryptoQuant is not public: its figures are known by the media that have relayed it.

To read these signals over time, our guide on interpreting on-chain data details the most followed indicators. The next figure will be released on the evening of September 30: the flows of ETFs on September 30, which conclude the month, will be published by Farside Investors after the close of Wall Street.