Bitcoin Bull Score Hits 90 Despite Declining Demand

The Bitcoin Bull Score, a market health indicator calculated by CryptoQuant, stands at 90 out of 100 as of September 29, 2026. This score reflects a strong bullish phase, though it falls short of the maximum 100. Despite this high score, demand for Bitcoin has seen a notable decline. Over the past 30 days, spot demand decreased by 170,000 BTC, while futures demand dropped by approximately 90% between September 14 and September 29.

According to CryptoQuant's research director, Julio Moreno, the lack of new demand makes it challenging for rallies to continue. He highlighted that spot demand is still contracting, and futures growth has stalled, making short-term rallies harder to sustain. This sentiment aligns with observations from Bitcoin ETF flows, which have also shown a significant slowdown.

US spot Bitcoin ETFs experienced a peak inflow of 999 million dollars on September 21, their best session since August. However, daily inflows decreased sharply in the following days, dropping to 66.2 million dollars by September 29. This slowdown in ETF inflows mirrors the decline in spot demand reported by CryptoQuant.

With the Bull Score at 90, many recent Bitcoin buyers are in profit, with an average unrealized gain of 33%, the highest since December 2024. On September 22, there was significant profit-taking, with holders realizing gains on 25,700 BTC, the largest single-day profit-taking in 2026. Despite these indicators, the future direction of Bitcoin's price remains uncertain.