Analysts: Bitcoin has entered a bear market, mainly due to weak demand.

According to Mars Finance, on December 24th, Julio Moreno, Head of Research at CryptoQuant, stated, "Bitcoin is currently in a bear market, primarily 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 "Bitcoin Treasury" bubble. However, since early October 2025, demand growth has fallen below long-term trend levels. This indicates that the majority of the new demand in this cycle has been absorbed, and key price support factors are disappearing. In the fourth quarter of 2025, US spot Bitcoin ETFs turned net sellers, reducing holdings by approximately 24,000 BTC, a stark contrast to the strong accumulation in the fourth quarter of 2024. Simultaneously, the growth of addresses holding 100-1000 BTC (primarily representing ETFs and treasury companies) is also below trend levels, highly similar to the deterioration in demand preceding the bear market in late 2021 and 2022. Bitcoin prices have fallen below the 365-day moving average, a key long-term technical support level that has historically been an important dividing line between bull and bear markets.