Bitcoin’s Bull Score drops to zero, signaling bearish trend: CryptoQuant

Bitcoin’s Bull Score Index has fallen to zero, the most bearish reading the gauge can produce, according to CryptoQuant head of research Julio Moreno.

The index runs on a scale of 0 to 100. Zero is the floor.

The reading landed on November 11, 2026. It caps a remarkably fast slide for a metric that looked very different only a month earlier.

From 90 to nothing in under a month

On October 13, the Bull Score sat at 90, deep in bullish territory. By early November, it had dropped to 20, and shortly after that it hit zero.

The index combines 10 separate indicators into one sentiment number. At the zero reading, only 2 of those 10 indicators remained bullish. The other eight had turned against the market.

Several data points help explain the collapse. The first is demand.

CryptoQuant’s apparent demand metric for Bitcoin contracted by 284,000 BTC over the past 30 days. That is the largest decline since March 2025.

The second pressure point is stablecoin liquidity. The market capitalization of USDT fell by $6.6 billion in the lead-up to the zero reading.

The third factor is US investor interest. The Coinbase Premium Index has stayed negative throughout the past month.

The premium tracks the gap between Bitcoin’s price on Coinbase, a major US exchange, and its price elsewhere. A persistently negative reading suggests American buyers are not stepping up the way they do in stronger markets.

Where price stands

In early November, Bitcoin traded between $73,000 and $74,500, closing in a range of roughly $73,700 to $74,500.

That is about 15% below its September peak, when Bitcoin approached $87,400.

Bitcoin has been trading below its 365-day moving average of approximately $76,400.

A floor reading, but not necessarily a floor

In April 2025, the Bull Score dropped to 20. Within two months, it had recovered to 80.

There is a catch, though. April 2025’s low was 20, not zero. The current reading is deeper than that precedent, which means the comparison is useful but imperfect.

A score of zero also says something about breadth. When only 2 of 10 indicators are positive, the weakness is not isolated to one corner of the market. Demand, liquidity, and US buying interest are all softening at the same time.

What this means for the market

Three signals are worth watching for signs of stabilization.

Apparent demand. The 284,000 BTC contraction needs to slow and level off.

The Coinbase Premium. A flip back to positive territory would indicate US buyers are returning.

The Bull Score itself. A rebound above 40 would mark a meaningful shift out of the bearish zone.

There is also the 365-day moving average to keep an eye on. Reclaiming that level, approximately $76,400, would put Bitcoin back above its own yearly baseline.