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Bitcoin slipped to about $83,300 after reaching an eight-month high near $87,400, while CryptoQuant’s Bull Score rose to 90 out of 100. The firm also measured falling spot demand, a 90% decline in speculative futures demand over 15 days, and increased profit-taking.
Bitcoin traded at about $83,300 during Asian morning hours on September 30, down from an eight-month high near $87,400, as CryptoQuant’s Bull Score reached 90 out of 100 even while the firm measured weakening demand. The conflicting signals leave the rally with a high technical reading but less buying momentum, according to the onchain analytics firm.
CryptoQuant’s Bull Score combines onchain and market indicators. The score rose after Bitcoin moved above its 365-day moving average last week, a break the firm treats as confirmation of a bull market. A high score, however, does not mean prices are guaranteed to rise, and the report said several demand measures were cooling.
The firm’s estimate of spot demand contracted by about 170,000 BTC over the 30 days through the report. CryptoQuant calculates apparent demand by comparing newly mined Bitcoin with changes in the amount that has not moved for at least a year. It said the measure had been contracting through September, indicating the market was absorbing fewer coins than were becoming available.
Speculative futures demand weakened more sharply: its growth fell from about 164,000 BTC on September 14 to 16,000 BTC on September 29, a 90% decline over 15 days. Recent buyers held average unrealized gains of 33%, the highest such level since December 2024, according to CryptoQuant. The firm also counted 25,700 BTC in realized profit-taking on September 22, its largest single day of profit-taking this year.
Cooling Demand Tests Bitcoin’s Rally
The gap between the Bull Score and the demand measures matters because price gains can be harder to sustain if fewer spot buyers are absorbing available Bitcoin and futures traders are adding exposure more slowly. CryptoQuant’s figures describe a cooling in those measures, but they do not establish that the rally has ended or predict what prices will do next.
Profit-taking adds to the near-term supply picture. CryptoQuant counted 76,000 altcoin deposits to exchanges over seven days, sent from 51,000 addresses, the highest total since October 2025. Deposits put coins within reach of potential sellers, but the report does not show that every deposited coin was sold or will be sold.
Bitcoin’s move also came amid a broader market rebound in Asia: the MSCI Asia Pacific Index gained 0.9%, with 10 of its 11 industry groups higher. That market backdrop offers context for the session, but the available figures do not establish how much it contributed to Bitcoin’s price movement.
A Moving Average Break Lifted the Score
The recent rally carried Bitcoin above its 365-day moving average, a threshold CryptoQuant uses in its assessment of market conditions. The firm says that move helped lift its Bull Score to 90. The score is a composite indicator, while the demand and profit-taking figures are separate measures; they can point in different directions at the same time.
Bitcoin had reached a high near $87,400 before easing to about $83,300, where it was up 0.4% during the reported Asian morning session. Other major tokens were mixed but mostly higher: Solana and Zcash each gained nearly 2%, XRP rose about 1%, and Ether, BNB and TRX added less than 1%, according to CoinDesk data.
CryptoQuant research head Julio Moreno said the demand readings made it harder to sustain further gains in the near term. The report also pointed to a U.S. inflation reading due later on September 30 as a possible market catalyst, since inflation data can affect expectations for interest rates and the dollar.
“Without fresh demand, rallies struggle to extend.”
— Julio Moreno, head of research at CryptoQuant
Demand Signals Do Not Set Direction
The report does not establish whether spot demand will recover, whether futures participation will keep slowing, or whether the price retreat will continue. CryptoQuant’s Bull Score is an indicator built from multiple measures, not a guarantee of further gains. The source also does not quantify how the scheduled U.S. inflation release would affect Bitcoin in this session.
The altcoin exchange-deposit count shows coins were moved to exchanges, not that all were sold. The reported average unrealized gain likewise does not establish how many holders will take profits. These figures describe conditions observed by CryptoQuant; future trading and prices remain uncertain.
Inflation Data in Focus
Markets were awaiting a U.S. inflation reading later on September 30 for clues about the interest-rate outlook. The report said a higher-than-expected reading could raise expectations of tighter policy and support the dollar, conditions that can weigh on risk assets such as Bitcoin; a softer reading could shift rate expectations in the other direction. Those are possible market responses, not confirmed outcomes.
Traders and analysts will also be watching whether CryptoQuant’s spot-demand and futures-growth measures stabilize or continue to weaken, and whether Bitcoin holds near its reported level or revisits the recent high. The source material provided no subsequent inflation result or later price update.
Key Questions
What does a CryptoQuant Bull Score of 90 mean?
CryptoQuant’s Bull Score combines onchain and market indicators into a reading out of 100. The firm said it rose after Bitcoin crossed its 365-day moving average. It is an indicator, not a guarantee that prices will rise.
Why did CryptoQuant say Bitcoin’s rally may be cooling?
The firm measured an estimated 170,000 BTC contraction in spot demand over 30 days and a 90% decline in growth in speculative futures demand from September 14 to September 29. It also reported increased profit-taking.
Did the report say Bitcoin’s rally is over?
No. It described signs of cooling and said further near-term gains could be harder to sustain. It did not establish that the rally had ended or give a confirmed future price direction.
What market event were traders watching next?
Traders were awaiting a U.S. inflation reading on September 30 for clues about interest rates. The report discussed potential market effects, but the result and Bitcoin’s response were not yet available in the source material.
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