Bitcoin’s latest advance is showing signs of losing momentum, even as CryptoQuant’s Bull Score approaches its maximum reading. The cryptocurrency rose to an eight-month high near $87,400 before slipping to about $83,300, while several measures of underlying demand weakened. According to CoinDesk, the pullback is being accompanied by reduced spot buying, sharply slower speculative futures growth and rising transfers of coins to exchanges.
Bullish gauge remains high as bitcoin retreats
Bitcoin was up 0.4% at slightly above $83,300 during Asian morning trading on Wednesday, compared with its recent high near $87,400. CryptoQuant, an on-chain analytics firm, placed its Bull Score at 90 out of 100.
The indicator combines on-chain and market measures into one reading. Its latest rise followed bitcoin’s move above its 365-day moving average, a level CryptoQuant views as confirmation that the market has entered a bull phase. However, the high score does not mean buying pressure is continuing at the same strength. The data behind the rally suggests that some of the buyers who helped drive bitcoin higher are now stepping back.
CryptoQuant estimates that spot demand has fallen by approximately 170,000 BTC during the past 30 days. Its “apparent demand” measure compares newly mined bitcoin with changes in the supply of coins that have not moved for at least a year. A contraction indicates that the market is absorbing fewer bitcoin than are becoming available.
Futures activity and profit-taking point to caution
Demand in the futures market has weakened even more quickly. Growth in speculative futures demand fell from roughly 164,000 BTC on September 14 to 16,000 BTC on September 29—a 90% decline over 15 days.
Futures contracts allow traders to take positions based on expected price movements without necessarily buying or selling the underlying bitcoin immediately. When speculative demand rises, it can amplify a market move; when that growth slows, it removes one source of momentum from a rally.
Recent bitcoin buyers are holding average unrealized gains of 33%, the widest margin since December 2024. Unrealized gains are profits based on current market prices that have not yet been locked in through a sale. The incentive to take some of those gains appears to have increased: investors realized profits on 25,700 BTC on September 22, the largest one-day profit-taking event recorded this year in the source data.
“Without fresh demand, rallies struggle to extend,” Julio Moreno, CryptoQuant’s head of research, wrote in the firm’s report. He said that continuing contraction in spot demand and stalled futures growth made near-term upside more difficult to sustain.
Exchange deposits and the wider market backdrop
CryptoQuant also recorded increased transfers of altcoins to exchanges. It counted 76,000 altcoin deposits over seven days, sent from 51,000 separate addresses. That was the highest level since October 2025.
Coins held on exchanges are more readily available for sale than coins kept elsewhere. The increased deposits therefore place more potential supply close to the market, although a deposit alone does not prove that a sale will follow.
Several major alternative cryptocurrencies nevertheless posted gains during the session. Solana and Zcash each rose by nearly 2%, reaching about $119 and slightly above $1,400, respectively. XRP added approximately 1% to just under $1.50, while ether, BNB and TRX each gained less than 1%, based on CoinDesk data.
Bitcoin’s modest advance came as markets across Asia recovered. The MSCI Asia Pacific Index gained 0.9%, with 10 of its 11 industry groups rising, while bonds steadied after a sharp selloff. Equity-index futures indicated gains for European and U.S. markets. SoftBank Group climbed more than 6% after Bloomberg reported that OpenAI was seeking at least $30 billion in new funding at a $1.4 trillion valuation.
Traders were also awaiting a U.S. inflation reading for indications about the direction of interest rates. A stronger-than-expected inflation figure can increase expectations of higher rates, supporting the dollar and pressuring risk-sensitive assets such as bitcoin. A softer reading can have the opposite effect by strengthening expectations of rate cuts.
Moneyiar market picture
Moneyiar market data at 09:09 on October 1, 2026, showed bitcoin at $83,576.73, up 0.44% over 24 hours but down 0.04% over seven days.
Among the other assets tracked by Moneyiar, NEAR Protocol stood at $5.1982, up 1.89% in 24 hours and 23.5% over seven days. Quant was priced at $293.41, with a 24-hour gain of 3.17% and a seven-day increase of 313.65%. Monad traded at $0.03249, rising 19.8% over 24 hours and 35.06% over the week.
The combination of a still-elevated Bull Score and weakening demand measures leaves bitcoin’s market picture mixed: the broader trend gauge remains strongly positive, while the flows that helped support the recent rally have begun to cool.
