The Bull Score of bitcoin, calculated by CryptoQuant, shows 90 out of 100, according to the report published by the company on September 29, 2026. This index summarizes the state of the bitco
The Bull Score of bitcoin, calculated by CryptoQuant, shows 90 out of 100, according to the report published by the company on September 29, 2026. This index summarizes the state of the bitcoin market on a scale from 0 to 100. In the same report, the analysis company notes a decline in demand: 170,000 BTC less spot demand over 30 days, according to CryptoQuant. The flows of US bitcoin ETFs, recalculated by Cointribune, show the same slowdown since September 21.
The Bull Score of bitcoin is an index published by CryptoQuant, an on-chain data analysis company. It combines several blockchain and market indicators into a single score, from 0 to 100. A high score describes a market in a bullish phase. A low score describes a depressed market. To understand this type of indicator, our file on on-chain analysis covers the basics.
The index describes the state of the market at a given moment. It does not predict the price. CryptoQuant does not publish the details of its weighting in its public articles.
The two do not measure the same thing. The bitcoin Bull Score aggregates indicators that describe the market situation after several weeks of increase. Demand measures the new purchases still coming in.
According to the CryptoQuant report cited by FXStreet, apparent spot demand “has contracted by 170,000 BTC over the last 30 days.” Futures demand is also slowing. Its growth went from 164,000 BTC on September 14 to 16,000 BTC on September 29. That is a decrease of about 90% in fifteen days.
Julio Moreno, CryptoQuant’s research director, summarizes this discrepancy:
“Without new demand, rallies struggle to continue. With spot demand still contracting and futures growth stalling, short-term rallies are harder to sustain.”
Julio Moreno, CryptoQuant, quoted September 30, 2026 (editorial translation)
US spot bitcoin ETFs provide an independent measure of demand. Their flows are published daily, fund by fund, by Farside Investors. Cointribune tracked the moment when the 2026 flows finally turned positive.
On September 21, these funds received 999 million dollars in one session. It was their best session since at least the beginning of August, according to our records. The inflows then decreased almost every day.
Session Bitcoin ETF net inflows September 21 +999.0 M$ September 22 +714.7 M$ September 23 +346.9 M$ September 24 +190.7 M$ September 25 +134.5 M$ September 28 +31.0 M$ September 29 +66.2 M$ Source: Farside Investors, accessed September 30, 2026.ETFs remain with net inflows. But the pace has been divided by fifteen in six sessions. This slowdown matches the observation published by CryptoQuant with the bitcoin Bull Score: spot demand declines.
With a bitcoin Bull Score at 90, recent buyers are in profit. Their average unrealized gain reaches 33%, the highest since December 2024, according to CryptoQuant. An unrealized gain is a paper profit that exists only once the position is sold.
Some have sold. On September 22, holders realized gains on 25,700 BTC. It is the largest profit-taking in a single day in 2026, according to the same report.
The bitcoin Bull Score and ETF flows do not say what the price will do. CryptoQuant describes a slowing demand, not a announced drop. The full CryptoQuant report is not public: its figures are known by the media that relayed it.
To read these signals over time, our guide on interpreting on-chain data details the most followed indicators. The next figure falls on the evening of September 30: the ETF flows of September 30, which close the month, will be published by Farside Investors after the Wall Street close.
