Bitcoin's apparent demand shrinks, signals new bear market: Analysts
Analysts suggest Bitcoin has entered a bear market due to shrinking demand, ETF outflows, and price breaking key support levels.Summary
Analysts at CryptoQuant indicate that Bitcoin has entered a new bear market cycle because demand growth has fallen below trend since early October 2025, meaning the majority of this cycle's incremental demand has been realized. This conclusion is supported by several factors, including a significant contraction in institutional demand, evidenced by a 24,000 BTC decline in ETF holdings during Q4 2025, contrasting sharply with Q4 2024 accumulation. Furthermore, funding rates for perpetual futures traders have dropped to their lowest levels since December 2023, and Bitcoin's price structure has broken below the critical 365-day moving average, currently around $98,172. Despite some forecasts for higher prices in 2026 based on anticipated lower interest rates, overall market sentiment remains fearful, with low expectations for immediate rate cuts by the Federal Open Market Committee.
(Source：Cointelegraph)