BlockBeats News, December 24 — CryptoQuant Research Director Julio Moreno stated, “Bitcoin is currently in a bear market, mainly due to weak demand.” Since 2023, Bitcoin has experienced three major waves of spot demand, driven by the approval of US spot ETFs, the US presidential election results, and the bubble of “Bitcoin Treasury Companies.” However, since early October 2025, demand growth has fallen below the long-term trend level. This indicates that the main portion of new demand in this cycle has been absorbed, and key support factors for the price are disappearing. In Q4 2025, US spot Bitcoin ETFs have shifted to net sellers, with holdings decreasing by approximately 24,000 BTC, contrasting sharply with the strong accumulation in Q4 2024. Meanwhile, addresses holding 100–1000 BTC (mainly representing ETFs and treasury companies) are also growing below trend levels, closely resembling the demand deterioration seen at the end of 2021 and before the onset of the 2022 bear market. Bitcoin’s price has fallen below the 365-day moving average, a critical long-term technical support level that has historically been an important dividing line between bull and bear markets.
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