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Analyst: Bitcoin Enters Bear Market Due to Weakening Demand

2025.12.24 14:24:02

**CryptoQuant Research Director: Bitcoin in Bear Market Amid Weak Demand** December 24, 2024 Bitcoin is currently in a bear market, primarily driven by weak demand, CryptoQuant Research Director Julio Moreno stated Tuesday. Since 2023, Bitcoin has seen three major waves of on-chain demand, fueled by U.S. spot ETF approval, U.S. presidential election outcomes, and the "Bitcoin Treasury Company" bubble. However, demand growth has fallen below long-term trend levels since early October 2025—signaling most new demand in this cycle has been absorbed, and key price support factors are fading. In Q4 2025, U.S. spot Bitcoin ETFs turned net sellers, shedding ~24,000 BTC—sharply contrasting with strong accumulation in Q4 2024. Meanwhile, growth in addresses holding 100–1,000 BTC (largely representing ETFs and Treasury firms) is also below trend, mirroring the demand slump seen at the end of 2021 and ahead of the 2022 bear market. Bitcoin’s price has dropped below its 365-day moving average—a key long-term technical support level historically acting as a critical bull/bear market dividing line.
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