Bitcoin’s price declined from an eight-month high near $87,400 to about $83,300 as CryptoQuant’s Bull Score reached 90 out of 100, a reading that masks deteriorating underlying demand conditions, according to analysis published Wednesday.
The cryptocurrency’s weakness came despite the bullish technical signal. Over the past 30 days, spot demand contracted by 170,000 BTC, while speculative futures demand growth collapsed 90% in 15 days, falling from 164,000 BTC on September 14 to 16,000 BTC by September 29.
“Without fresh demand, rallies struggle to extend. With spot demand still in contraction and futures growth stalling, near-term upside becomes harder to sustain,” said Julio Moreno, head of research at CryptoQuant.
CryptoQuant’s Bull Score combines onchain and market indicators into a single reading. Bitcoin broke above its 365-day moving average last week, which the onchain analysis firm treats as confirmation of a bull market entering its measurement framework.
Profit-Taking Accelerates
Recent buyers hold average unrealized gains of 33%, the widest margin since December 2024. On September 22, traders locked in 25,700 BTC in profits, marking the largest single day of profit-taking this year.
Altcoin deposits to exchanges reached their highest level since October 2025, with 76,000 altcoins deposited across 51 separate addresses over seven days. Specific altcoins were not named in the analysis.
Market Backdrop
Bitcoin gained 0.4% on Wednesday Asian morning, while the MSCI Asia Pacific Index rose 0.9%. SoftBank Group jumped 6% in the session, though the analysis did not connect the stock move to cryptocurrency developments.
A U.S. inflation reading was pending and expected later in the day, with potential to influence interest rate expectations and impact risk assets including bitcoin.
