‘Bitcoin Demand Boom Is Fading’ — CryptoQuant Calls The Start Of Bear Market
The worth motion of Bitcoin over the previous week tells an ideal story of its efficiency this 12 months. The premier cryptocurrency skilled incredible levels of volatility all through the week, oscillating between the $90,000 and $86,000 vary over the previous few days.
The newest market analysis exhibits that the way forward for the Bitcoin worth is likely to be trying bleaker than mere durations of sideways volatility. According to a outstanding cycle, BTC’s worth cycle has turned and is getting into a bear market.
Bitcoin Cyclical Behavior Depends On Demand Cycles: CryptoQuant
In its newest market report, blockchain analytics agency CryptoQuant has associated the regular decline in Bitcoin worth with the fading demand increase. According to information on the on-chain platform, the BTC demand development has slowed down in the midst of 2025, signaling the beginning of a bear market.
CryptoQuant highlighted that Bitcoin has witnessed three main spot demand waves—triggered by the US spot ETF launch, the US presidential election consequence, and the Bitcoin Treasury Companies bubble—for the reason that bull cycle began in 2023. However, the demand development has slowed down since early October 2025.
Unsurprisingly, this pattern reversal for the demand development coincides with the October 10 market massacre, one of many largest liquidation occasions in crypto historical past. The Bitcoin worth has since struggled to mount any convincing restoration, falling to as little as $82,000 in late November.
CryptoQuant went on to hypothesize {that a} key pillar of worth assist has been eliminated as most of this cycle’s incremental demand has already been realized. For occasion, demand from institutional and huge buyers is in a downturn, with US-based Bitcoin exchange-traded funds (ETFs) turning into web sellers in 2025’s fourth quarter.
According to CryptoQuant’s information, the US spot ETF holdings have declined by 24,000 BTC in This autumn 2025, which is a far cry from the regular accumulation seen in This autumn 2024. “Similarly, addresses holding 100–1K BTC—representing ETFs and treasury corporations—are rising beneath pattern, echoing the demand deterioration seen on the finish of 2021 forward of the 2022 bear market,” the blockchain agency added.
Besides the weakening spot demand, the Bitcoin derivatives market has additionally seen decreased exercise and decreased threat urge for food. CryptoQuant revealed that BTC’s funding charges have fallen to their lowest degree since December 2023, an on-chain sign that implies the decreased willingness of merchants to maintain long exposure; this pattern is usually related to bear markets.
Ultimately, the blockchain agency concluded that the Bitcoin four-year cycle hinges extra on demand phases—expansions and contractions in demand development— somewhat than on the halving occasion. In essence, a bear market tends to return after the BTC demand development peaks and topples over.
What Next For BTC Price?
In its report, CryptoQuant revealed that the Bitcoin worth construction has worsened consistent with the demand weak spot. The flagship cryptocurrency is at present buying and selling beneath its 365-day transferring common, a key long-term assist degree that has traditionally separated bull and bear phases.
According to CryptoQuant, the downside reference points counsel that the Bitcoin bear market may not be as deep as feared. As in earlier bear seasons, the realized worth—at present round $56,000—has been recognized because the potential backside.
This implies a attainable 55% correction from the most recent all-time high, Bitcoin’s smallest drawdown on file (throughout a bear market). Meanwhile, the market chief has its intermediate assist degree round $70,000.
As of this writing, the worth of BTC stands at round $88,170, reflecting a 3% leap previously 24 hours.
