Bitcoin’s Bull Score indicator on analytics platform CryptoQuant hit 90 out of 100 - a metric approaching perfection. The score increase followed Bitcoin’s price breaking above its 365-day moving average last week, a technical pattern confirming the onset of a bull market phase. Despite the strengthening metric, Bitcoin traded around $83,300 during Wednesday morning hours in Asia, down from an eight-month high of $87,400 touched earlier.
Conditions on the ground, however, show an anomaly. Over the past 30 days, on-chain data recorded a contraction in spot demand of around 170,000 BTC. The market is currently absorbing far fewer coins than the available supply on exchanges.
Futures Demand Evaporates by 90%
Dampened buying appetite is weighing on speculative markets. Futures demand growth dropped from around 164,000 BTC on September 14 to 16,000 BTC on September 29. The 90% decline within 15 days coincided with elevated profit potential for traders. Recent buyers held an average unrealized profit of 33% - the highest profit level since December 2024.
Coin holders promptly took profit on September 22. Investors logged the year’s largest profit-taking event by offloading 25,700 BTC in a single full trading day.
“Without fresh demand, rallies struggle to sustain,” said Julio Moreno, head of research at CryptoQuant. “With spot demand still contracting and futures growth stalling, short-term upside potential is increasingly difficult to maintain.”
Altcoin Inflows to Exchanges Ahead of Inflation Data
Altcoin holders also reacted to this weakening demand trend. As many as 76,000 altcoin deposits flowed into crypto exchanges over the past seven days - the highest weekly deposit volume since October 2025. These transfers originated from 51,000 separate wallet addresses, signaling widespread preparation among investors to sell their holdings.
Outside crypto exchanges, macro equity markets trended positively. The MSCI Asia Pacific Index gained 0.9%. SoftBank shares climbed 6% following reports that OpenAI is seeking at least $30 billion in funding at a $1.4 trillion valuation. Meanwhile, crypto traders today are awaiting the release of U.S. inflation data for directional cues. Higher inflation figures increase the odds of interest rate hikes - a bearish condition for crypto - while cooler inflation points the opposite way.
Reported via CoinDesk.
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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.
