CryptoQuant's Bull Score Index, a sentiment gauge that combines ten market indicators, fell to zero on November 11, 2026, the lowest possible reading on its 0‑100 scale.
Rapid decline
On October 13 the index stood at 90, deep in bullish territory. By early November it had slipped to 20 and shortly thereafter reached zero, meaning only two of the ten component indicators remained bullish.
Key factors behind the drop
The decline is linked to three main data points:
- Demand: CryptoQuant’s apparent demand metric for Bitcoin contracted by 284,000 BTC over the past 30 days, the largest decline since March 2025.
- Stablecoin liquidity: The market capitalization of USDT fell by $6.6 billion in the period leading up to the zero reading.
- US investor interest: The Coinbase Premium Index, which measures the price gap between Coinbase and other venues, stayed negative throughout the month, indicating limited buying pressure from U.S. traders.
Price context
In early November Bitcoin traded between $73,000 and $74,500, roughly 15 % below its September peak of about $87,400. The price remained below its 365‑day moving average of approximately $76,400.
Historical perspective
The Bull Score previously fell to 20 in April 2025 and recovered to 80 within two months. The current zero reading is lower than that prior low, suggesting broader weakness across multiple market dimensions.
Signals to watch
Analysts suggest monitoring three indicators for potential stabilization:
- Apparent demand – a slowdown in the BTC contraction.
- Coinbase Premium – a shift back to positive values.
- The Bull Score – a rise above 40 would indicate a move out of the bearish zone.
Additionally, a rebound above the 365‑day moving average near $76,400 would place Bitcoin back above its yearly baseline.
