Bitcoin rally shows signs of cooling even as a 'bull score' gauge nears its perfect score — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin slipped to roughly $83,300 from an eight-month high near $87,400, even as CryptoQuant's Bull Score — a composite of on-chain and market indicators — climbed to 90 out of 100 after BTC broke above its 365-day moving average.
- CryptoQuant estimates spot demand has shrunk by about 170,000 BTC over the past 30 days, as the market absorbs fewer coins than are becoming available.
- Speculative futures demand growth collapsed from roughly 164,000 BTC on Sept. 14 to 16,000 BTC on Sept. 29 — a 90% drop in 15 days.
- Recent BTC buyers are sitting on an average unrealized profit of 33%, the widest margin since December 2024, and locked in gains on 25,700 BTC on Sept. 22 — the largest single day of profit-taking this year.
- Altcoin holders moved 76,000 coins onto exchanges over seven days from 51,000 separate addresses, the highest deposit volume since October 2025, putting supply within easy reach of any bounce.
- Julio Moreno, head of research at CryptoQuant, wrote in the report: 'Without fresh demand, rallies struggle to extend. With spot demand still in contraction and futures growth stalling, near-term upside becomes harder to sustain.'
Why it matters: Bitcoin's near-record bull score is decoupling from weakening demand fundamentals, with recent buyers already locking in the largest single day of profit-taking this year and altcoin supply piling up on exchanges — meaning any near-term extension requires fresh demand that the on-chain data does not currently show.
Ask SkimNews
