The analytical company #CryptoQuant announced the beginning of a bearish market in the cryptocurrency market. According to The Block, citing a report, a key factor for this conclusion was the sharp decline in demand for Bitcoin $BTC — primarily from spot traders #ETF in the USA and companies forming Bitcoin reserves.
Experts noted that spikes in demand in 2023-2025 were driven by the launch of ETFs, political events in the USA, and institutional activity. However, starting from October 2025, the rate of demand growth fell below the medium-term trend. This indicates that the main source of new capital has been exhausted, and the market is losing support from new participants.
According to estimates from CryptoQuant, in the coming months, the price of the first cryptocurrency may decrease to around $70,000. In the event of further market weakening, analysts do not rule out a deepening correction to $56,000 — this is currently the realized price of Bitcoin, which historically corresponded to the end of bearish phases. The company noted that such a decline would be the smallest among all previous cycles — about 55% from the last historical maximum.
