Bitcoin's Bull Score Index has dropped to zero, its lowest possible reading, as the cryptocurrency struggles to hold near USD 73,000. CryptoQuant reported the decline on November 11, following weeks of weakening demand and continued selling across the market.
The latest reading comes as Bitcoin ETF withdrawals increase and analysts question whether the cryptocurrency has reached a local bottom. CryptoQuant's research suggests that current market conditions could precede either a recovery or a deeper price correction.
CryptoQuant Head of Research Julio Moreno confirmed the development in a November 11 update. He wrote, "Our Bitcoin Bull Score is at 0, the most bearish it can be." The index had stood at 20 just one day before.
The Bull Score measures Bitcoin's market conditions using 10 indicators covering demand, liquidity, and investor activity. Each bullish indicator contributes 10 points. Therefore, a zero reading means none of the indicators currently meets the model's bullish conditions.
Bitcoin's outlook has changed sharply since October. CryptoQuant's November 10 report showed that the score had fallen from 90 on October 13 to 20. It subsequently reached zero as selling continued.
Meanwhile, Bitcoin has lost about 15% from its September peak near USD 87,400. The cryptocurrency also trades below its 365-day moving average, which CryptoQuant placed near USD 76,400.
CryptoQuant's research showed that apparent Bitcoin demand contracted by 284,000 BTC over 30 days. The firm recorded its fastest demand decline since March 2025 while buying activity among US investors remained weak.
The Coinbase Premium Index stayed negative throughout the previous 30 days. This measure compares Bitcoin prices on Coinbase with prices on other exchanges and helps track demand from US investors.
Stablecoin liquidity has also declined. CryptoQuant reported that Tether's USDT market capitalization fell by USD 6.6 billion over 60 days marking its largest contraction since the firm's records began in 2022.
However, previous periods of weak demand have produced different outcomes. In April 2025, Bitcoin's Bull Score dropped to 20 before recovering to 80 within two months. CryptoQuant also identified demand contractions near local bottoms in March 2025 and June–July 2026.
The firm has not confirmed that the latest decline marks another market bottom.
Institutional demand has weakened alongside the Bull Score. Farside Investors data showed that US spot Bitcoin ETFs recorded USD 299.8 million in net outflows on November 11. BlackRock's IBIT accounted for USD 269.7 million, while Grayscale's GBTC lost USD 39.1 million.
Separately, CryptoQuant reported that its Analyst Consensus Index dropped from -1.0 to -1.8 standard deviations within seven days. The company cited ETF withdrawals, inflation concerns and weakness in the Nasdaq as factors behind the decline.
CryptoQuant analyst Moreno also identified USD 73,000 as an important price level. In a separate analysis, he warned that a sustained move below that level, followed by an unsuccessful recovery, would strengthen the case for continued bearish conditions.
The analysis also placed the average purchase price of short-term Bitcoin holders near USD 75,700. Meanwhile, CryptoQuant identified the 200-day moving average near USD 73,200 as another level to monitor as the cryptocurrency tests recent support.
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