A trend gauge is showing signs of a cooloff after bitcoin’s rally pushed it to just 10 points short of a perfect score.
Bitcoin rose 0.4% to just above $83,300 as of Wednesday Asian morning hours, down from an eight-month high near $87,400.
CryptoQuant, an onchain analysis firm, pegs its Bull Score at 90 out of 100. The score rolls onchain and market indicators into a single reading, and it jumped after bitcoin broke above its 365-day moving average last week, a break the firm treats as confirmation of a bull market.
The buying behind that move is already fading. CryptoQuant estimates spot demand has shrunk by about 170,000 BTC over the past 30 days.
SOL and ZEC led the majors, each up nearly 2%, to about $119 and just above $1,400. XRP gained about 1% to just under $1.50, and ether, BNB and TRX each added less than 1%, CoinDesk data shows.
CryptoQuant measures demand by comparing newly mined bitcoin with changes in the pile of coins that haven’t moved for a year or more. That gauge, which it calls apparent demand, has been contracting all month. The market is absorbing fewer coins than are becoming available.
Futures demand is cooling faster. Growth in speculative futures demand dropped from about 164,000 BTC on Sept. 14 to 16,000 BTC on Sept. 29, a 90% drop in 15 days.
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