BitcoinBTCAnalysts at CryptoQuant, a crypto-market analysis platform, say that demand has declined significantly since October 20,25. They believe this is a sign that Bitcoin may be entering another bear cycle.
CryptoQuant analysts say there were three waves of investor demand for BTC during this current market cycle. said.
First wave of waves followed launch of Bitcoin exchange-traded funds In the US the second wave (ETFs), which followed the results of the 2024 US presidential electionAccording to CryptoQuant: CryptoQuant says:
“Demand growth has fallen below trend since early October 2025. This indicates that the bulk of this cycle’s incremental demand has already been realized, removing a key pillar of price support.”
The total demand for institutional goods and services has decreased as well. Bitcoin held in ETFs In Q4 of 2025, the value of Bitcoin will drop by 24,000 BTC. “sharp contrast” CryptoQuant stated that the Q4 of 2024 will see a significant increase in accumulation.
The funding rates, which are the fees that perpetual futures traders pay to keep their positions open, also fell to their lowest level since December 2023. This is another sign that BTC entered a bearish market.
Analysts cite the collapse of Bitcoin’s pricing structure as the final factor for their bearish view. below the 365-day moving averageThis is an essential and dynamic level of support for any asset.
Related: Bitcoin rallies thwarted by fading Fed rate cut odds, softening US macro
Fear grips the stock market, even though some analysts are still hopeful about a better future in 2026.
Some analysts still continue to forecast Higher BTC price in 2026 due to increased demand and falling interest rates. Interest rates falling is positive catalysts for crypto prices Risk assets include stocks, bonds and other financial instruments.
Overall, the sentiment on the cryptocurrency market is still largely positive. “fear” According to CoinMarketCap’s Crypto Fear and Greed Index.
FedWatch, a publication of the Chicago Mercantile Exchange Group (CME), found that only 22.1% expects the Federal Open Market Committee to reduce interest rates during its January meeting. tool.
US President Donald Trump has tried to put pressure on Federal Reserve chairman Jerome Powell. lower interest rates in 2025 Powell’s firing was a threat.
Powell’s tenure is due to end in May 2026 and Trump will be president until then. reviewing potential replacements What is expected Reduce rates
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Source: cointelegraph.com
