CryptoQuant: Bitcoin demand shrinks and falls below key moving averages, entering a bear market cycle

Odaily Planet Daily reported that according to CryptoQuant monitoring, the demand for Bitcoin has significantly slowed since October 2025, indicating that Bitcoin has entered a new bear market cycle. Analysts point out that the three waves of investment demand within this cycle (spot ETF approvals, the 2024 US presidential election, and corporate financial asset allocation bubbles) have been largely exhausted. In the fourth quarter, ETF holdings decreased by approximately 24,000 BTC, and the perpetual contract funding rate dropped to its lowest level since December 2023. Additionally, Bitcoin’s price has fallen below the 365-day moving average of about $98,172, which is a key dynamic support level for the asset. While some analysts are optimistic about a price rebound driven by rate cuts in 2026, current market sentiment is in fear, with only 22.1% of investors expecting the January FOMC meeting to cut interest rates.