Bitcoin’s Bull Score Index has fallen to zero, its most bearish possible reading, as CryptoQuant analysts weigh whether the latest retreat toward $73,000 is producing a local bottom or the start of a deeper correction.
Summary
- 0 out of 100 leaves none of the Bull Score’s 10 underlying indicators bullish.
- Analyst sentiment fell to −1.8 standard deviations as ETF withdrawals and inflation concerns weighed on confidence.
- Earlier bearish readings have accompanied both market recoveries and prolonged periods of falling Bitcoin prices.
CryptoQuant research head Julio Moreno confirmed the reading in a Nov. 11 public update, writing: “Our Bitcoin Bull Score is at 0, the most bearish it can be.”
The update followed a reading of 20 in the firm’s Nov. 10 research. In September, the score had reached 90 after Bitcoin recovered above its 365-day moving average, leaving only one of its underlying indicators outside bullish territory.
As crypto.news previously reported, the September Bull Score rally coincided with weakening demand. At the time, CryptoQuant estimated that apparent spot demand had contracted by 170,000 BTC over 30 days, even as the headline score remained close to its maximum.
Futures demand had weakened too. CryptoQuant estimated that growth in speculative futures demand fell from 164,000 BTC on Sept. 14 to 16,000 BTC by Sept. 29, a decline of roughly 90% in 15 days.
Bitcoin’s zero reading leaves all 10 signals bearish
The Bull Score combines 10 on-chain and market signals covering conditions such as network activity, investor profitability, and liquidity. Each bullish component contributes 10 points, so zero means none is currently giving a bullish signal.
In a November 2025 Quicktake, contributor GugaOnChain described readings below 40 as bearish and readings above 60 as conditions associated with sustained rallies.
The author argued that a zero reading could accompany panic selling or accumulation, when longer-term investors buy coins being sold by frightened traders. The same commentary acknowledged that extreme readings could persist during a prolonged downtrend.
By late October, the score had already slipped from 90 to 60. Six components still remained bullish then, while the Coinbase Premium Index stayed negative throughout the month, according to the firm’s research.
Previous bearish readings produced different outcomes
CryptoQuant’s Nov. 10 research points to April 2025 as an example of a recovery after extreme weakness. Following the tariff-related selloff, the Bull Score fell to 20 before recovering to 80 within two months as Bitcoin found a bottom.
April’s low was 20, however, leaving it above the latest reading. A separate zero reading appeared during the downturn earlier this year: The Block reported on Feb. 5 that CryptoQuant’s index had reached zero while the firm warned of possible losses toward $60,000.
GugaOnChain’s earlier commentary cited a historical accumulation period in which whales withdrew more than 73,350 BTC from exchanges over 30 days before a major rally. It did not specify the dates or returns associated with that episode.
In the latest research, apparent demand contracted by 284,000 BTC over 30 days, its fastest decline since March 2025. CryptoQuant said comparable contractions had accompanied local bottoms in March 2025 and June–July 2026, although US spot buying remained absent this time.
Analyst sentiment falls as US fund withdrawals continue
A separate measure of analyst opinion has deteriorated alongside the Bull Score. In the Nov. 11 X post, CryptoQuant said its Analyst Consensus Index dropped from −1.0 to −1.8 standard deviations in seven days as Bitcoin fell toward $73,000.
The company attributed the worsening mood to ETF withdrawals, inflation concerns and Nasdaq weakness. Its methodology measures analysts’ published views and compares sentiment with recent history; the Bull Score instead combines market and on-chain conditions.
The consensus model gives each analyst one vote, based on their recent directional comments and weighted by past accuracy. Neutral posts do not vote. Its chart uses a rolling 90-day comparison to identify unusually bullish or bearish sentiment.
US spot Bitcoin ETFs recorded $95 million in withdrawals on Nov. 10, their fourth consecutive session of net outflows, according to SoSoValue figures cited in coverage of Bitcoin’s weekly price decline. BlackRock’s IBIT lost $78 million, its eighth straight session of withdrawals.
Earlier that day, Bitcoin briefly traded near $72,700. Across cryptocurrency futures, liquidations approached $725 million over 24 hours following the US inflation release. Bitcoin accounted for approximately $200.5 million, with long positions making up around 85% of its liquidations.