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ZEC $1,396 Bitcoin bull score hits 90 as spot and futures demand cool
CryptoQuant's Bitcoin Bull Score Index stays at 90 out of 100 after BTC cleared its 365-day moving average, while spot and futures demand weaken.
Key takeaways
- The score stays high. CryptoQuant's Bitcoin Bull Score Index sits at 90/100, leaving Bitcoin 10 points below the maximum.
- Demand is cooling. Spot demand contracted by roughly 170,000 BTC over 30 days, and futures demand growth fell about 90% in 15 days.
- Profits are being taken. Traders realized 25,700 BTC in profits on September 22nd, the largest single-day total of 2026.
What happened
Bitcoin's Bull Score climbed to 90 out of 100 after the latest rally, leaving the reading 10 points below the maximum. The gauge combines several onchain and market indicators, and CryptoQuant treats a close above the 365-day moving average as confirmation of a bull market.
The score and demand are moving in opposite directions. Spot demand contracted by roughly 170,000 BTC over 30 days, and growth in speculative futures demand fell from approximately 164,000 BTC on Sept. 14 to just 16,000 BTC by Sept. 29, a drop of roughly 90% in 15 days.
Price action has cooled. Bitcoin traded just above $83,300, up around 0.4% over 24 hours but down from its eight-month high near $87,400. The coin briefly moved above $87,000 before sellers pushed it back toward $84,000, and resistance around $85,000 to $85,800 limited another move higher.
Profit-taking has already begun. Around 25,700 BTC in profits was realized on September 22nd, the largest single-day total of 2026, and traders' on-chain unrealized profit margin reached 33%, the highest since December 2024.
Why it matters
The gap between the score and demand is the tension in this setup. Bitcoin may need renewed buying demand to reclaim the recent high and sustain another move higher.
Leverage is leaving the derivatives market. Binance Bitcoin open interest dropped from approximately $5.4 billion to $4.9 billion between Sept. 21 and Sept. 23, and cumulative volume delta fell from nearly $3 billion to $1.48 billion.
Support sits at the 365-day moving average near $80,000, the 200-day moving average around $71,000 and traders' realized price at $67,000. CryptoQuant says the bull trend stays intact as long as these hold.
What the data shows
ETF demand was strong before it cooled. U.S. spot funds took in $999 million on Sept. 21 and another $714.7 million on Sept. 22, and ETFs recorded $2.39 billion in weekly inflows during Sept. 21 to Sept. 25. BlackRock's IBIT accounted for $1.16 billion of that total.
More than 13,800 BTC left Binance in one day, the exchange's largest daily net outflow since 2023, and Binance reserves fell from around 705,000 BTC to 685,000 BTC over four days. Altcoin exchange inflows spiked to 76,000 transactions and 51,000 depositors over seven days.
Questions readers ask
What is Bitcoin's Bull Score?
The Bull Score combines several onchain and market indicators into one reading. CryptoQuant's Bitcoin Bull Score Index sits at 90/100, which the firm calls extremely bullish, and Bitcoin is 10 points below the maximum.
Why is Bitcoin demand falling?
Spot demand contracted by roughly 170,000 BTC over the past 30 days. Growth in speculative futures demand also fell from approximately 164,000 BTC on Sept. 14 to just 16,000 BTC by Sept. 29.
How much profit taking has Bitcoin seen?
Around 25,700 BTC in profits was realized on September 22nd, the largest single-day total of 2026. Traders' on-chain unrealized profit margin reached 33%, the highest since December 2024.
