Bitcoin’s newly confirmed bull market is already showing signs that the rally powering it may be losing momentum.

Last week, the top digital asset climbed to an eight-month high near $87,400 after reclaiming a long-term technical threshold that CryptoQuant says marked the start of a fresh bullish phase. Its Bitcoin Bull Score Index has since risen to 90 out of 100, a reading consistent with broadly favorable market conditions.

In fact, data from Look Into Bitcoin shows that “Bitcoin sentiment has hit its greediest reading since July 2025.”

But beneath that headline strength, the balance between new demand and existing holders looking to cash out is beginning to shift.

The change does not yet amount to a breakdown in the broader trend. Bitcoin remains above several long-term support levels and has retained much of its recent advance. Still, weakening demand and heavier profit-taking raise the prospect that the market could face its first meaningful test since the bullish breakout.

The clearest strain is emerging across the sources of demand that supported Bitcoin’s advance.

CryptoQuant estimates apparent spot demand contracted by about 170,000 BTC over the past 30 days, suggesting cash-market buying has failed to keep pace with the rally.

US exchange-traded fund flows point in the same direction. CryptoSlate previously reported that ETF daily inflows declined by 97% over the past week, falling from around $1 billion to just $31 million by Sept. 28.