BlockBeats News, December 24th, 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 on-chain demand, driven by the approval of a US spot ETF, the outcome of the US presidential election, and the "Bitcoin Treasury Company" bubble. However, since early October 2025, demand growth has fallen below the long-term trend level. This indicates that the major part of the new demand in this cycle has been absorbed, and the key support factors for the price are disappearing.In the fourth quarter of 2025, the US spot Bitcoin ETF has turned into a net selling side, with a decrease in holdings of about 24,000 BTC, contrasting sharply with the strong accumulation in the fourth quarter of 2024. At the same time, the growth of addresses holding 100-1000 BTC (mainly representing ETFs and Treasury companies) is also below trend levels, highly similar to the deterioration of demand seen at the end of 2021 and before the bear market in 2022.The Bitcoin price has dropped below the 365-day moving average, a key long-term technical support level that has historically been a significant dividing line between bull and bear markets.

#BTC #ETF