CryptoQuant reported that its Bitcoin Bull Score dropped to zero on November 11, the lowest reading the index can produce. The metric, which aggregates ten on‑chain and market indicators, fell from 20 the day before and signals that none of the components are currently bullish. The decline coincided with Bitcoin slipping toward the $73,000 level, prompting analysts to debate whether the market has hit a local bottom or is entering a deeper correction.

BTC / USD
Source: CoinGecko. Prices are indicative.

What the Bull Score measures

The Bull Score combines ten signals covering network activity, investor profitability, liquidity, and other on‑chain factors, each contributing up to ten points. A score of 0 means all signals are bearish, while scores above 60 have historically accompanied sustained rallies, according to CryptoQuant research head Julio Moreno. The index previously hit 90 in September after Bitcoin moved above its 365‑day moving average, but it has since fallen sharply, with six of the ten components turning negative by late October.

Analyst sentiment and ETF outflows

CryptoQuant's Analyst Consensus Index also weakened, dropping from –1.0 to –1.8 standard deviations within a week, as reported on the firm’s X account. The firm attributes the shift to continued withdrawals from U.S. spot Bitcoin ETFs and broader inflation worries. SoSoValue data cited by CryptoQuant shows $95 million in net outflows from U.S. spot ETFs on November 10, marking the fourth consecutive day of withdrawals. BlackRock’s iShares Bitcoin Trust (IBIT) alone lost $78 million, its eighth straight session of outflows.

Historical context and possible outcomes

CryptoQuant notes that prior zero‑score readings have preceded both recoveries and prolonged declines. In April 2025, a score of 20 preceded a rebound to 80 within two months, while a February 2024 zero reading was linked to a potential slide toward $60,000. The firm also highlighted a recent contraction of apparent spot demand by 284,000 BTC over 30 days—the fastest since March 2025—though U.S. spot buying remained muted this time.

What to watch next

Investors should monitor whether on‑chain demand metrics begin to improve, as past bottoming episodes were accompanied by large whale withdrawals followed by accumulation. Additionally, any reversal in ETF outflows or a shift in analyst sentiment could provide early signals of a market pivot. Finally, upcoming macro data releases, particularly U.S. inflation figures, may further influence Bitcoin’s price trajectory.