CryptoQuant's trend gauge approaches its peak as buyers retreat after pushing BTC to an eight-month high.
By Shaurya MalwaSep 30, 2026, 12:38 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin's 'bull score' reaches 90 as spot demand declines by 170,000 BTCSummaryShow- Despite CryptoQuant's Bull Score hitting 90 out of 100, Bitcoin's rally appears to be waning as its price dropped from an eight-month peak of approximately $87,400 to around $83,300.
- Over the last month, spot demand has decreased by about 170,000 Bitcoin, and speculative futures demand has plummeted by 90% in two weeks, making it difficult for the price to maintain upward momentum.
- Profit-taking and increased exchange deposits are evident, with new Bitcoin holders enjoying an average unrealized gain of 33% and altcoin deposits reaching their highest level since October 2025.
The trend gauge indicates a potential slowdown after Bitcoin's rally brought it within 10 points of a perfect score.
As of Wednesday morning in Asia, Bitcoin was up 0.4%, trading just above $83,300, a decline from its recent high of around $87,400.
CryptoQuant, an onchain analysis company, assigns a Bull Score of 90 out of 100, based on various onchain and market indicators. This score surged after Bitcoin surpassed its 365-day moving average last week, which CryptoQuant views as a sign of a bull market.
However, the buying momentum seems to be diminishing. CryptoQuant reports that spot demand has decreased by around 170,000 BTC in the past month.
Among major cryptocurrencies, SOL and ZEC have each seen nearly 2% increases, reaching around $119 and just over $1,400, respectively. XRP rose about 1% to just below $1.50, while ether, BNB, and TRX gained less than 1%, according to CoinDesk data.
CryptoQuant assesses demand by comparing newly mined Bitcoin with the number of coins that have remained static for over a year. This measure, termed apparent demand, has been declining throughout the month, indicating that the market is absorbing fewer coins than are being made available.
Bitcoin's rally is running out of buyers. (Shaurya Malwa/CoinDesk)Demand for futures contracts is decreasing more rapidly. Speculative futures demand fell from around 164,000 BTC on September 14 to just 16,000 BTC by September 29, marking a staggering 90% drop within a two-week span.
Recent purchasers are enjoying an average unrealized profit of 33%, the highest since December 2024, having locked in gains on 25,700 BTC on September 22, representing the largest single day of profit-taking this year.
Julio Moreno, head of research at CryptoQuant, remarked, "Without fresh demand, rallies struggle to extend. With spot demand still contracting and futures growth stalling, near-term upside becomes harder to sustain."
Additionally, altcoin holders are increasingly transferring their coins to exchanges. CryptoQuant identified that 76,000 altcoin deposits were made to exchanges over a week, the highest since October 2025, originating from 51,000 separate addresses. Coins on exchanges can be sold quickly, making that supply readily available for any potential price rebound.
Bitcoin's slight increase coincided with a rebound across Asia. The MSCI Asia Pacific Index climbed 0.9%, with 10 of its 11 sectors showing gains, while bond prices stabilized after a significant selloff. SoftBank Group, an investor in OpenAI, surged over 6% following reports that the AI startup is seeking at least $30 billion in new funding at a valuation of $1.4 trillion. Futures for equity indexes indicated potential gains in Europe and on Wall Street.
Traders are anticipating a crucial U.S. inflation report later today, which will provide insights on future interest rate adjustments. A high inflation figure typically increases the likelihood of a rate hike, bolstering the dollar and putting pressure on risk assets like Bitcoin, while a lower figure could favor a rate cut, which would benefit cryptocurrencies.
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Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins
Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
By CoinDesk ResearchSep 24, 2026Commissioned byRealFiDiversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
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