@abby7.base.eth
A crypto bear market has already begun, according to onchain analytics firm CryptoQuant, which cited weakening bitcoin demand as a key signal.
"
BTC-0.17%
demand growth has decisively slowed, signaling a transition into a bear market," CryptoQuant said in a report published Friday. "After three major spot demand waves since 2023 — driven by the U.S. spot ETF launch, the U.S. presidential election outcome, and the Bitcoin treasury companies bubble — demand growth has fallen below trend since early October 2025."
The firm said this suggests that most of the incremental demand from the current cycle has already been absorbed, removing a key source of price support for bitcoin.
Based on these conditions, CryptoQuant sees bitcoin downside risk toward the $70,000 level, with a deeper decline toward $56,000 possible if bitcoin fails to regain momentum.
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