According to ChainCatcher news, monitored by CryptoQuant, the growth of Bitcoin demand has significantly slowed since 2025, indicating that Bitcoin has entered a new bear market cycle.
Analysts point out that the three waves of investment demand in this cycle (approval of spot ETFs, the 2024 U.S. presidential election, and the corporate financial asset allocation bubble) have basically been released. In the fourth quarter, ETF holdings decreased by approximately 24,000 BTC, and the perpetual contract funding rate has dropped to its lowest level since 2023. Additionally, the price of Bitcoin has fallen below the 365-day moving average of about $98,172, which is a key dynamic support level for the asset. Although some analysts expect a price rebound driven by interest rate cuts in 2026, current market sentiment is in a state of fear, with only 22.1% of investors expecting the January FOMC meeting to lower interest rates.
