Bitcoin Bull Score falls to zero as price nears $73,000

The score fell from 20 in CryptoQuant’s Nov. 10 research to zero a day later. Research head Julio Moreno confirmed the reading in a Nov. 11 public update: “Our Bitcoin Bull Score is at 0, the most bearish it can be.” The index combines 10 on-chain and market indicators, including network activity, investor profitability and liquidity. Each bullish indicator adds 10 points, so none is currently signaling bullish conditions.

The reading contrasts with September, when the score reached 90 after Bitcoin moved above its 365-day moving average. Yet demand was weakening even then: CryptoQuant estimated that apparent spot demand 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 roughly 90%. By late October, the score had fallen to 60, with six components still bullish; the Coinbase Premium Index remained negative throughout the month, the firm said.

Earlier extreme readings have led to different outcomes. In April 2025, after a tariff-related selloff, the index fell to 20 and rose to 80 within two months as Bitcoin found a bottom. A zero reading in February came with a warning from CryptoQuant about potential losses toward $60,000. In its latest research, the firm said apparent demand had contracted by 284,000 BTC over 30 days, its fastest decline since March 2025. Similar contractions accompanied local bottoms in March 2025 and June–July 2026, though US spot buying was absent this time.

Sentiment measures have weakened alongside the price. CryptoQuant said its Analyst Consensus Index dropped from −1.0 to −1.8 standard deviations in seven days, citing ETF withdrawals, inflation concerns and Nasdaq weakness. The index tracks analysts’ published views; unlike the Bull Score, it does not measure market and on-chain conditions. US spot Bitcoin ETFs saw $95 million in withdrawals on Nov. 10, their fourth consecutive session of net outflows, according to SoSoValue figures. BlackRock’s IBIT lost $78 million, its eighth straight session of withdrawals. Bitcoin briefly traded near $72,700, while cryptocurrency futures liquidations approached $725 million over 24 hours. Bitcoin accounted for about $200.5 million of those liquidations, with long positions making up around 85%.