CryptoQuant’s Bitcoin Bull Score fell to 0 out of 100, with none of its 10 underlying indicators registering as bullish. That points to a much weaker market setup. But past examples include both temporary bottoms and longer downturns, so the score is no reliable sign that selling has ended.
- Bull Score: 0; none of 10 indicators is bullish.
- Demand: CryptoQuant estimates apparent demand fell by 284, 000 BTC over 30 days.
- Market pressure: Bitcoin traded near $73, 000 amid bearish sentiment and ETF outflows.
- Bottom signal? The available comparisons do not confirm one.
What a Bull Score of 0 means
CryptoQuant research head Julio Moreno confirmed the reading in a public update dated Nov. 11: Our Bitcoin Bull Score is at 0, the most bearish it can be. CryptoQuant says the index combines 10 on-chain and market indicators, with each bullish component adding 10 points. A score of zero means none of them is currently bullish.
The score summarizes market conditions. It does not predict what Bitcoin’s price will do next. That distinction matters when it’s tempting to treat a single number as either a buy signal or a guarantee of further losses.
The score reached 90 in September after Bitcoin recovered above its 365-day moving average. CryptoQuant also estimated that apparent spot demand, its estimate of demand in spot markets rather than a direct count of every Bitcoin purchase, had contracted by 170, 000 BTC over 30 days. Growth in speculative futures demand fell from 164, 000 BTC on Sept. 14 to 16, 000 BTC on Sept. 29, a decline of about 90% in 15 days.
By late October, the score had fallen to 60, with six components still bullish. The Coinbase Premium Index, which compares Bitcoin prices on Coinbase with prices on other exchanges, stayed negative throughout the month. A negative reading can point to weaker buying pressure on Coinbase, but it does not prove what any individual investor or market is doing.
CryptoQuant’s Nov. 10 research reported a score of 20, while Moreno’s update dated Nov. 11 reported zero. The year attached to the Nov. 11 update is not specified. The Nov. 10 research link is dated 2026, while other cited commentary is labeled November 2025 and the material also refers to events in June, July 2026. These dates do not establish a consistent publication timeline, so the figures should be read with that uncertainty in mind.
Demand is contracting, but that alone does not mark a bottom
In its latest research, CryptoQuant estimated that apparent demand had contracted by 284, 000 BTC over 30 days, its fastest decline since March 2025. The firm said similar contractions accompanied local bottoms in March 2025 and June, July 2026. A local bottom is a short-term price low. It may come before a rebound without marking the end of a broader decline.
CryptoQuant also pointed to a difference in current conditions: US spot buying was absent during the latest demand contraction, the firm said. In other words, CryptoQuant did not see the US spot-market buying it considered relevant to those earlier comparisons. That makes the historical parallels incomplete. It does not confirm that the same outcome will follow.
Falling demand can mean sellers are running out while longer-term buyers accumulate. It can also mean buyers are not stepping in to absorb available supply. The demand estimate alone cannot tell us which is happening.
CryptoQuant’s Analyst Consensus Index offers a separate measure of sentiment. It tracks analysts’ published directional views, weights their votes by past accuracy, and excludes neutral posts. Its chart uses a rolling 90-day comparison to flag unusually bullish or bearish readings. The index fell from −1.0 to −1.8 standard deviations in seven days as Bitcoin moved toward $73, 000. A standard deviation measures how far a reading is from its recent average. This figure signals unusually bearish analyst sentiment, not a price target.
CryptoQuant linked the weaker mood to ETF outflows, inflation concerns, and Nasdaq weakness. SoSoValue figures cited in the coverage showed US spot Bitcoin ETFs had $95 million in net outflows on Nov. 10, their fourth consecutive session of withdrawals. These are net fund outflows, not investors directly withdrawing Bitcoin from the market. BlackRock’s IBIT recorded $78 million in outflows, its eighth straight session.
Bitcoin briefly traded near $72, 700 that day. Cryptocurrency futures liquidations approached $725 million over a 24-hour period following a US inflation release, though the cited information does not name the report or specify the calendar dates for that period. Bitcoin accounted for about $200.5 million of the liquidations, with long positions, or bets on rising prices, making up around 85% of its total. Liquidations forcibly close leveraged positions and can add pressure when prices move against traders.
What previous low readings can tell us
CryptoQuant’s historical examples show different outcomes. The firm said the Bull Score fell to 20 after a tariff-related selloff in April 2025, then rose to 80 within two months as Bitcoin found a bottom. The available figures do not say when the price low occurred relative to the score’s recovery, so they do not show that the index identified the bottom in advance.
The Block reported that CryptoQuant’s index reached zero on Feb. 5 during an earlier downturn, when the firm warned of possible losses toward $60, 000. The year is not specified in the information available here. That episode is another reason not to treat a zero reading as a reliable reversal signal.
CryptoQuant contributor GugaOnChain has described scores below 40 as bearish and scores above 60 as conditions associated with sustained rallies. Those thresholds show how the index classifies market conditions. They do not make it a timing tool.
Key questions and answers
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What does a Bitcoin Bull Score of 0 mean?
None of CryptoQuant’s 10 underlying indicators is bullish. The score reflects a bearish set of signals, not a guaranteed move in Bitcoin’s price.
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Has Bitcoin reached a bottom?
There is no confirmation. Similar demand contractions have accompanied local bottoms before, but zero readings have also occurred during downturns.
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What is weighing on sentiment?
CryptoQuant cited ETF outflows, inflation concerns, and Nasdaq weakness. Its Analyst Consensus Index also moved further into unusually bearish territory.
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Are ETF investors buying the dip?
Not in the reported Nov. 10 figures: US spot Bitcoin ETFs recorded $95 million in net outflows, their fourth consecutive session. IBIT accounted for $78 million in outflows.
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What would strengthen the case for a bottom?
Sustained US spot buying would address one weakness CryptoQuant identified in the latest demand contraction. It would strengthen the case, but it would not prove that a lasting bottom was in.
A zero Bull Score captures a harsh set of market conditions. The demand decline, ETF outflows, and leveraged long liquidations show where some of the pressure is coming from. Earlier recoveries are a reason not to assume the worst, but they do not settle what happens next. For now, the score is a warning light, not a verdict on whether Bitcoin has finished falling.
