CryptoQuant’s Bitcoin Bull Score dropped to 0 on Nov. 11, 2026. This reading marks the most bearish stance within the indicator’s methodology, as none of the 10 monitored on-chain or market liquidity variables showed bullish signals. The indicator aggregates data across network activity, investor profitability, and market liquidity availability.
CryptoQuant Head of Research Julio Moreno confirmed via a public statement that the Bull Score stands at 0, representing the most pessimistic condition across all 10 on-chain variables. The descent to this bottom was rapid: the index stood at 90 in September 2026, slid to 60 by late October, fell to 20 on Nov. 10, and hit 0 just one day later. Yet this zero reading is more than just a statistic on a screen - it is rooted in waning buyer capital flows across the spot market.
Where Did Market Demand Go
Bitcoin’s apparent spot demand contracted by 284,000 BTC over the past 30 days. This decline marks the steepest demand contraction since March 2025, unfolding as Bitcoin’s price faced pressure around $73,000. Over the same period, CryptoQuant’s Analyst Consensus Index also deteriorated from -1.0 to -1.8 standard deviations within seven days.
Spot market selling pressure has been compounded by institutional capital outflows. US spot Bitcoin ETFs logged $95 million in net outflows on Tuesday (Nov. 10), extending a streak of daily withdrawals for four consecutive sessions. Bitfinex’s report as of Nov. 11 highlights an even broader outflow: cumulative redemptions from US spot Bitcoin ETFs reached nearly $2.22 billion across eight trading days since Oct. 30.
Miner Reserves Hit Lowest Level
Supply pressure has also emerged from miners. Their Bitcoin reserves have dwindled to around 1.19 million BTC. According to CryptoQuant analyst Arab Chain, these holdings have reached their lowest level since 2009. Concurrently, Bitcoin inflows to crypto exchanges reached a nine-month high, expanding the supply readily available to hit the market.
These coin flows are colliding with the short-term holder cost basis metric, which currently sits at $75,717. This level serves as a crucial psychological threshold where recent buyers are prone to liquidate assets once breaking even to avert further losses.
Historical Patterns and Accumulation Signals
Although a reading of 0 reflects severe selling pressure, historical records indicate that extreme readings below 40 often accompany panic selling while ushering in an accumulation phase for long-term investors. During the April 2025 downturn, the Bull Score dropped to 20 before rebounding to 80 within two months as the market carved out a price bottom.
For market participants watching prices near $73,000, the $75,717 break-even level represents the immediate test of whether selling pressure begins to subside or whether new buyers choose to exit the market.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
