Bitcoin Bull Score Falls to Zero as Demand, Stablecoin Liquidity and US Buying Weaken
CryptoQuant's Bitcoin Bull Score dropped to zero on November 11, the most bearish reading the gauge can produce, with only 2 of its 10 indicators still bullish. Analysts are divided on whether the reading marks a local bottom or the start of a deeper correction.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Reading and Its Rapid Decline
CryptoQuant's Bitcoin Bull Score Index fell to zero on November 11, 2026, the most bearish reading the gauge can produce, according to research head Julio Moreno. Both sources place the score at 20 on November 10 and on a steep decline from earlier highs: one source reports 90 on October 13, the other reports 90 in September, a discrepancy likely reflecting different reference dates. One source says the score fell to 60 by late October, when six components were still bullish.
The index aggregates 10 on-chain and market indicators, with each bullish component contributing 10 points. At zero, none is giving a bullish signal, though one source describes the index as combining 10 indicators with only 2 remaining bullish, a count that is internally consistent only if the scoring is applied as described in the article rather than as a strict zero-count.
Demand, Liquidity and US Buying
The weakness is spread across several measures. CryptoQuant's apparent spot demand metric contracted by 284,000 BTC over 30 days, the fastest decline since March 2025. Stablecoin liquidity also softened, with USDT market capitalization falling by $6.6 billion in the lead-up to the reading. The Coinbase Premium Index, which tracks the gap between Bitcoin's price on Coinbase and elsewhere, stayed negative through the past month, indicating limited US buying.
Price action reflects the same pressure. Bitcoin traded between $73,000 and $74,500 in early November, roughly 15% below its September peak near $87,400, and remained below its 365-day moving average of approximately $76,400.
Where the Analysts Disagree
The sources differ on what the reading signals. One frames the zero score as a bearish trend indicator. The other reports that CryptoQuant analysts are weighing whether the retreat toward $73,000 is a local bottom or the start of a deeper correction, and cites a November 2025 commentary by GugaOnChain arguing that a zero reading can accompany either panic selling or accumulation by longer-term holders. That same commentary acknowledged extreme readings can persist during a prolonged downtrend, so the historical precedent is not conclusive.
Precedents are also described differently. Both sources cite April 2025, when the score fell to 20 and recovered to 80 within two months. One notes that a separate zero reading occurred on February 5, when CryptoQuant warned of possible losses toward $60,000. The latest CryptoQuant research says comparable apparent demand contractions accompanied local bottoms in March 2025 and June to July 2026, though US spot buying was absent this time.
A separate CryptoQuant measure, the Analyst Consensus Index, fell from -1.0 to -1.8 standard deviations in seven days, which the firm attributed to ETF outflows, inflation concerns and Nasdaq weakness. That index measures published analyst views rather than market conditions, so it is a distinct signal from the Bull Score.
Indicators to Watch
Three measures are cited as signs of stabilization: apparent demand contraction slowing and leveling off, the Coinbase Premium returning to positive territory, and the Bull Score rebounding above 40. Reclaiming the 365-day moving average near $76,400 would also return Bitcoin above its yearly baseline.
Why It Matters
For Traders
A zero Bull Score with negative Coinbase Premium and falling apparent demand argues for watching the $73,000 area and the $76,400 moving average before reading any rebound as confirmed.
For Investors
Weakness across demand, stablecoin liquidity and US buying at once suggests a broader pullback in risk appetite, though precedents point to both bottoms and deeper drawdowns.
For Builders
Protocols and dashboards relying on the Bull Score or the Coinbase Premium as inputs should account for the signals' divergence from the Analyst Consensus Index during this period.
This article is for information only and is not financial advice. Read the full disclaimer.
