The Bitcoin Bull Score, calculated by CryptoQuant, displays 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 of 0 to 100. In the same report, the analysis company nevertheless notes a decline in demand: 170,000 BTC less in spot demand over 30 days, according to CryptoQuant. US bitcoin ETF flows, recalculated by Tremplin.io, show the same slowdown since September 21.
In brief
- 90 out of 100: level of the Bitcoin Bull Score in the CryptoQuant report of September 29, 2026, 10 points from the maximum.
- −170,000 BTC: Spot demand declines over 30 days, according to CryptoQuant.
- $999 million to $66.2 million: Daily net inflows to bitcoin ETFs between September 21 and 29, according to Farside Investors.
What is the Bitcoin Bull Score?
The Bitcoin Bull Score 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 rating 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 time. He doesn’t plan the course. CryptoQuant does not publish the details of its weighting in its public articles.
Why is the Bitcoin Bull Score rising while demand is falling?
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 new purchases that are still arriving.
According to the CryptoQuant report cited by FXStreetapparent spot demand “has contracted by 170,000 BTC over the past 30 days.” Demand for futures contracts is also slowing. Its growth went from 164,000 BTC on September 14 to 16,000 BTC on September 29. This is a drop of around 90% in two weeks.
Julio Moreno, director of research at CryptoQuant, sums up this disconnect:
Without new demand, the increases are difficult to continue. With spot demand still contracting and futures growth stalling, near-term upside is becoming more difficult to sustain.
Julio Moreno, CryptoQuant, quoted September 30, 2026 (editor’s translation)
What do bitcoin ETF flows show?
US spot bitcoin ETFs provide an independent measure of demand. Their flows are published every day, fund by fund, by Farside Investors. Tremplin.io had followed the moment when the 2026 flows returned to green.
On September 21, these funds received $999 million in one session. It was their best session since at least the beginning of August, according to our records. Entries then decreased almost every day.
| Session | Bitcoin ETF Net Inflows |
| September 21 | +$999.0M |
| September 22 | +$714.7 million |
| September 23 | +$346.9 million |
| September 24 | +$190.7 million |
| September 25 | +$134.5 million |
| September 28 | +$31.0 million |
| September 29 | +$66.2 million |
ETFs remain in net inflows. But the pace was divided by fifteen in six sessions. This slowdown is consistent with the observation that CryptoQuant publishes with the Bitcoin Bull Score: spot demand is declining.
Who is selling during this time?
With a Bitcoin Bull Score at 90, recent buyers are in gain. Their average latent capital gain reaches 33%, the highest since December 2024, according to CryptoQuant. A latent capital gain is a gain on paper, which only exists once the position is sold.
Some have sold. On September 22, holders made gains on 25,700 BTC. This is the highest profit taking in one day of 2026, according to the same report.
What remains uncertain
Bitcoin’s Bull Score and ETF flows don’t tell you what the price will do. CryptoQuant describes slowing demand, not a predicted decline. The full CryptoQuant report is not public: its figures are known by the media which relayed it.
To read these signals over time, our guide to interpreting on-chain data details the most followed indicators. The next figure falls on the evening of September 30: ETF flows for September 30, which close the month, will be published by Farside Investors after Wall Street closes.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
