CryptoQuant’s latest weekly data suggests that Bitcoin is now in the “most bearish” phase of the bull cycle that began in early 2023. Its Bull Score Index has sunk toward extreme low readings, with eight out of ten cycle indicators flashing bearish while only demand growth and a residual technical signal remain constructive.
Bearish signals inside a bull market structure
The key technical trigger is Bitcoin’s drop below the 365-day moving average, a level that previously marked the formal start of the 2022 bear market when price failed to recover it quickly. This time, spot price has again slipped under that one-year trend line, turning what had been a routine pullback into a full macro stress test for the current cycle.
At the same time, the drawdown from the all-time high sits in the high-20% range, which is large but still consistent with historical bull-market corrections rather than a completed top. Analysts point to support bands in the 90,000–92,000 USD region as areas where previous demand has re-appeared.
Institutional fuel is fading
The more structural concern is on the demand side. Corporate treasuries that were aggressive buyers earlier in the cycle have slowed or paused new allocations, and some have even trimmed holdings. Spot Bitcoin ETF flows have also cooled sharply, with year-to-date inflows far below last year’s totals, showing that one of the main engines of the rally is no longer at full speed.
For platforms such as NAQSN, which serve a Mexican audience focused on understanding global cycles rather than chasing headlines, this combination of weaker institutional flows and negative cycle indicators is a prompt to reassess risk frameworks, not to panic.
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