A CryptoQuant analysis has confirmed that Bitcoin’s Bull Score Index has collapsed to zero, with research head Julio Moreno calling it “the most bearish it can be” in a November 11 public update.
BTC may have reached a local bottom or is starting a deeper correction. Previous bearish readings have accompanied market recoveries and deeper downturns.
Bitcoin Bull Score At Zero
The bull score has fallen sharply since October 13, when the metric was at 90, deep in bullish territory. By early November, it had fallen to 20, with CryptoQuant’s latest update confirming it had dropped to zero.
“Our Bitcoin Bull Score is at 0, the most bearish it can be.”
CryptoQuant’s latest update comes after the Bull Score had fallen to 20, according to its November 10 update. The score sat at 90 in September as well, when BTC pushed above its 365-day moving average. However, the score coincided with weakening demand, with CryptoQuant estimating that apparent spot demand fell by 170,000 BTC over 30 days. It also highlighted weakening futures demand, estimating a drop in speculative demand from 164,000 BTC to 16,000 BTC by September 29.
The current Bull Score reading of zero indicates that none of its ten on-chain and market signals are flashing a bullish signal. Quicktake contributor GugaOnChain described readings below 40 as bearish and readings above 60 as bullish. CryptoQuant’s latest research shows that apparent demand has fallen by 284,000 BTC over 30 days, the fastest since March 2025. The firm highlighted similar contractions during local bottoms in March 2025 and June 2026.
Analyst Consensus Index Drops To -1.8
CryptoQuant’s Analyst Consensus Index also fell from -1.0 to -1.8 standard deviations, coinciding with BTC’s drop toward $73,000. The firm attributed the drop to inflation concerns, substantial ETF outflows, and market weakness.
“Bitcoin analyst sentiment turns increasingly bearish. CryptoQuant’s Analyst Consensus Index dropped from -1.0σ to -1.8σ in just 7 days, while bitcoin:native fell toward $73K. ETF outflows, inflation concerns, and weakness in the Nasdaq are weighing on market sentiment.”
Bitcoin Price Action And ETF Figures
Bitcoin (BTC) price action remains weak, slipping below $74,000 during the ongoing session (Thursday). The flagship cryptocurrency has been on a downward trend since the beginning of October, when it briefly crossed the $86,000 mark. However, macro pressures, trade tensions, and leveraged liquidations halted momentum and pushed the price lower. More recent declines can be attributed to the Binance hack. BTC fell around 6% during the immediate aftermath of the exploit, dropping to a low of $76,173 before recovering and briefly reclaiming the $80,000 level on November 4.
However, price action turned bearish the following day (Thursday, November 5), as BTC fell 5.55% to $75,971. Sellers retained control on Friday as the price fell to a low of $74,762 before closing at $75,747, down 0.30%. BTC declined on Sunday, falling to a low of $73,500 before settling at $74,743. The price recovered on Monday despite bearish sentiment, recovering from a low of $73,650 to reclaim $75,000 and settle at $75,267. Sellers returned on Tuesday, pushing BTC down 2.08% to $73,698. The price experienced volatility on Wednesday and reached an intraday high of $74,712 before settling at $73,915. BTC is down 0.67% during the ongoing session, trading around $73,422.
Meanwhile, spot Bitcoin ETFs recorded their fifth straight day of outflows on Wednesday, and reported just one day of positive flows over the past eight sessions. The ETFs reported $411.90 million in outflows on Friday and $201 million on Monday. Outflows fell to $95 million on Tuesday, but spiked sharply on Wednesday to $299.80 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
