Bitcoin's Bull Score Hits 90 as Spot Demand Shrinks
The CryptoQuant Bull Score for Bitcoin has hit an impressive 90 out of 100, but this may be a warning sign for bulls. The score is based on various on-chain and market indicators that suggest a strong bull market, but recent data shows that the buying momentum behind Bitcoin's rally is fading.
According to CryptoQuant, spot demand has shrunk by around 170,000 BTC over the past 30 days, while growth in speculative futures demand has plummeted 90% in just 15 days. This suggests that the market is absorbing fewer coins than are becoming available, making it harder for Bitcoin's price to sustain further gains.
Recent buyers of Bitcoin are also holding an average unrealized profit of 33%, with some locking in gains on as much as 25,700 BTC on September 22. This level of profit-taking is the largest single-day total this year, and it may indicate that many investors are taking profits rather than buying more.