Bitcoin demand collapsed across all major metrics
I analyzed every previous cycle and was shocked
Here’s why BTC is dumping and what comes next👇🧵
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Right now it's important to focus not on the price but on market behavior
Demand is weakening, participation is dropping, liquidity is disappearing
$BTC reacts to this with a delay, but inevitably
This is exactly how the transition into a bear phase formed before
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Let's start with the main point - demand
Demand for Bitcoin from ETFs has turned negative
Big players and companies are no longer accumulating like before
When demand disappears, the price loses its support
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This quickly showed up on the chart
$BTC broke through long-term average levels
In past cycles this kind of move didn’t mean a quick rebound
But a shift in market regime from growth to decline
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The second important signal is market participation
On-chain volumes dropped sharply and remain at minimal levels
Fewer transactions mean fewer real buyers
A market without participation can't sustain growth
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It's important to understand: demand didn’t weaken in one day
It gradually declined throughout the entire cycle
Each new rally was weaker than the previous one
Until demand reverses, upside will always be limited
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Retail interest has also disappeared in parallel
Social activity around crypto has dropped sharply
People barely talk or argue about the market anymore
This is a classic state of apathy, not panic
It has never led to anything good
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If you look at history, the picture is very familiar
When demand fades and structure breaks at the same time
The market doesn’t correct, it enters a bear phase
That’s how it always happened in past years
If you think this time will be different, you’re wrong
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On-chain analysts are already speaking openly about this
CryptoQuant confirms the transition into a bearish regime
The base scenario is a decline to the ~$70k zone
If conditions worsen, a move to ~$56k is possible
Bloomberg even forecasted a pullback to $12k
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A bear market isn’t the end for Bitcoin
In every cycle, the final phase was the most painful
That’s exactly when the price converged with the realized one
But that’s also where the foundation for the next cycle was built
And now we'll also get a great chance to enter at the start of a new foundation
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Right now the market isn’t looking for new growth
It’s cleansing itself from weak demand and excessive expectations
The reversal will begin not with news, but with the return of liquidity
Until then, a cool head is more important than any forecast
So wait and by the logic of the cycles everything will fall into place
