Analysts say that the obvious decline in demand for Bitcoin signals that a new Bear Market is about to arrive.

Analysts from the cryptocurrency market analysis platform CryptoQuant have stated that since October 2025, the demand for Bitcoin at $88,000 has significantly slowed down, indicating that Bitcoin has entered another Bear Market cycle.
CryptoQuant analysts indicate that in the current market cycle, investor demand for Bitcoin has gone through three waves, with the first wave arriving in January 2024. The first wave occurred after the launch of Bitcoin exchange-traded funds (ETFs) in the United States, the second wave occurred after the results of the 2024 U.S. presidential election were announced, and the third wave is the bubble of Bitcoin treasury bond companies.
CryptoQuant indicates that institutional demand has also shrunk, with the total amount of Bitcoin held by ETFs in the fourth quarter of 2025 decreasing by approximately 24,000 BTC, which stands in stark contrast to the accumulation behavior of the fourth quarter of 2024. The funding rate paid by perpetual futures traders to maintain their positions has also fallen to its lowest level since December 2023, further indicating that Bitcoin has entered a Bear Market.
The last reason given by analysts for the bearish outlook is that the price structure of Bitcoin has broken below the 365-day moving average, which is a key and dynamic support level for any asset. Although some analysts still hold hope for 2026, the market remains engulfed in fear.
Some analysts continue to predict that, driven by increased demand and declining interest rates, the price of Bitcoin will continue to rise in 2026. The decline in interest rates is a positive catalyst for the price increases of cryptocurrencies and other risk assets. However, according to CoinMarketCap's Crypto Fear & Greed Index, the overall sentiment in the cryptocurrency market remains firmly in a "fear" state. According to the FedWatch tool from the CME Group #加密市场观察 , only 22.1% of investors expect the Federal Open Market Committee ( to lower interest rates at its next meeting in January. U.S. President Donald Trump has threatened to fire Federal Reserve Chairman Jerome Powell to pressure him into lowering interest rates in 2025. Powell's term will expire in May 2026, and Trump is considering possible successors who are expected to lower interest rates.