Analysts say bitcoin has entered a bear market, with weak demand as the main reason
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On December 24, CryptoQuant Head of Research Julio Moreno stated that bitcoin is currently in a bear market, mainly due to weak demand. Since 2023, bitcoin has experienced three major waves of spot demand, but since early October 2025, demand growth has fallen below the long-term trend level. In the fourth quarter of 2025, US spot bitcoin ETF holdings decreased by about 24,000 BTC, and the growth of addresses holding 100–1000 BTC was below the trend level. The price of bitcoin has fallen below the 365-day moving average, a technical support level often regarded as the dividing line between bull and bear markets.
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