CryptoQuant’s Bull Score Index Falls to 60 as Bitcoin (BTC) ETFs Draw $176 Million

CryptoQuant research head Julio Moreno said Bitcoin (BTC) spot demand continued to contract even as U.S. spot funds attracted $176 million Tuesday, Oct. 27, while the firm’s Bull Score Index fell from 90 to 60.

BlackRock’s IBIT accounted for $151.5 million of the day’s inflows, and Fidelity’s FBTC added $24.5 million. The gains extended an inflow streak to two sessions after the funds took in $110.3 million Monday, Oct. 26.

The two sessions brought in $286.3 million, less than half of the $773.5 million withdrawn on Oct. 22 and 23. Funds lost $635.6 million on Oct. 22, followed by $137.9 million the next day, in the second consecutive day of outflows.

Moreno wrote Oct. 27: “Spot demand continued to contract, while US investors remained mostly on the sidelines.” His comments described spot-market demand, while the Bull Score Index was a separate measure that fell 30 points.

ETF flows track net money entering or leaving funds. CryptoQuant’s apparent-demand measure estimates supply absorption by comparing new Bitcoin issuance with changes in supply that had been inactive for more than a year; it is not a count of completed purchases by U.S. investors. A positive ETF-flow session alone does not establish that spot demand has strengthened.

The Federal Open Market Committee meeting is scheduled to conclude Wednesday, Oct. 28.