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BTC Bitcoin's bull market score reaches 90 points, but spot demand has dropped significantly.
According to a report released by CryptoQuant on September 29, 2026, its calculated Bitcoin's "Bull Score" is as high as 90 points (out of 100 points). The index is used to measure the overall state of the Bitcoin market, with scores ranging from 0 to 100. However, in the same report, analysts also pointed to a decline in market demand: spot demand fell by 170,000 bitcoins in the past 30 days. Cointerbune's recalculated U.S. Bitcoin ETF fund flow data also showed similar signs of slowing in market sentiment since September 21.
Core Data Summary
- 90/100: Bitcoin's bull market score in the CryptoQuant report on September 29, 2026 is only 10 points away from the full score.
- -170,000 BTC: Reduction in spot demand over the past 30 days based on CryptoQuant.
- US$999 million to US$66.2 million: The range of changes in daily net inflows of Bitcoin ETFs from September 21 to 29, based on data from Farside Investors.
What is a Bitcoin bull market score?
The Bitcoin bull market score is a comprehensive index published by online data analysis company CryptoQuant. It integrates multiple blockchain indicators and market indicators into a single score from 0 to 100. A high score usually indicates that the market is in a bullish phase, while a low score indicates low market sentiment. To deeply understand such indicators, it is recommended to refer to the basic knowledge guide on on-chain analysis.
It should be noted that this index describes market conditions at a specific moment in time, not a forecast of prices. In addition, CryptoQuant did not disclose its specific weight calculation details in its public article.
Why does Bitcoin's bull market score rise while demand falls?
These two indicators measure not the same thing. The Bitcoin bull market score summarizes indicators of market conditions that are formed after weeks of gains; demand measures the purchasing power of new market entrants.
According to the CryptoQuant report cited by FXStreet,"nominal spot demand has shrunk by 170,000 bitcoins in the past 30 days." Demand for futures is also slowing. Its growth dropped from 164,000 bitcoins on September 14 to 16,000 bitcoins on September 29, a drop of about 90% in just 15 days.
Julio Moreno, research director at CryptoQuant, summed up the difference: "Without new demand support, the rebound will not be sustainable. With spot demand still contracting and futures growth stagnant, the short-term rebound will be more difficult to maintain."
What does Bitcoin ETF fund flow reveal?
The U.S. spot Bitcoin ETF provides a basis for independent measurement of demand. Its capital flow is announced daily by Farside Investors by fund. Cointerbune tracks the moment when capital flows finally turned positive in 2026.
These funds had a single-day net inflow of US$999 million on September 21, their best day since at least early August. In the following days, inflows decreased almost daily:
Data sources: Farside Investors, available as of September 30, 2026.
Although ETFs still maintain net inflows, the inflow rate has shrunk to one-fifteenth of its original pace within six trading days. This slowdown is consistent with CryptoQuant's observation that spot demand is declining.
Who is selling currently?
Against the backdrop of a Bitcoin bull market score of 90, recent buyers are in a profitable state. According to CryptoQuant, their average unrealized earnings reached 33%, the highest level since December 2024. Unrealized gains are book profits that are realized only when positions are closed.
Some investors chose to take profits. On September 22, holders realized gains on 25,700 bitcoins. According to the same report, this is the largest profit-taking scale in a single day in 2026.
Factors to be clarified
Bitcoin bull market scores and ETF capital flows do not predict specific price trends. CryptoQuant pointed to slowing demand rather than announcing a decline. The complete CryptoQuant report has not been made public, and the public can only learn about its key data through the media.
To interpret these signals in the long run, it is recommended to refer to the guide for interpreting data on the chain, which details the most watched indicators. The next critical moment is the evening of September 30: As Wall Street closes, Farside Investors will release its final monthly ETF fund flow report that includes September 30 data.
