ME News message, December 24 (UTC+8), CryptoQuant research director Julio Moreno stated, "Bitcoin is currently in a bear market, mainly due to weak demand." Since 2023, Bitcoin has experienced three major waves of spot demand, driven by the approval of U.S. spot ETFs, the results of the U.S. presidential election, and the 'Bitcoin treasury company' bubble. However, since early October 2025, demand growth has fallen below long-term trend levels. This indicates that a significant portion of new demand in this cycle has been absorbed, and important support factors for price are disappearing. In the fourth quarter of 2025, U.S. spot Bitcoin ETFs have turned into net sellers, reducing holdings by about 24,000 BTC, which stands in stark contrast to the strong accumulation in the fourth quarter of 2024. Meanwhile, the growth of addresses holding 100–1000 BTC (mainly representing ETFs and treasury companies) has also fallen below trend levels, resembling the demand deterioration seen at the end of 2021 and before the bear market in 2022. Bitcoin's price has fallen below the 365-day moving average, a crucial long-term technical support level that historically often distinguishes between bull and bear markets. (Source: ME)
