Bear is here? 🐻

Bad news for Bitcoin: Analysts say the bear market is already here, pointing to key historical factors.

What you need to know

Some not-so-great news to finish out the year: Analysts at CryptoQuant are now convinced that Bitcoin has entered a bear market, laying out the data and details in a report published Friday.

CryptoQuant’s gurus pointed to demand falling below its long-term trend in early October—back when we got that record $19 billion liquidation event—plus ETFs bleeding out funds in recent months and whale holders slowing their buys.

“We believe most of this cycle’s demand growth has passed, with the corresponding bearish effect on price,” the analysts wrote.

And with that, Decrypt’s Daily Dispatch is signing off until the new year, though we have plenty of stories lined up to run throughout the holiday season, highlighting 2025’s biggest crypto trends—and what to expect as 2026 gets underway.

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