[CryptoQuant Says Bitcoin Demand Slows, Potentially Triggering a Bear Market with Mid-Term Support Expected at $70,000] On-chain analytics firm CryptoQuant pointed out that Bitcoin demand growth has been below trend levels since early October 2025, signaling an impending bear market. In Q4 2025, U.S. spot Bitcoin ETFs recorded net sales and reduced holdings by 24,000 BTC. Perpetual futures funding rates have dropped to their lowest levels since December 2023, and prices have fallen below the 365-day moving average. Historical data shows that bear market bottoms typically align with the realized price (approximately $56,000), with mid-term support expected around $70,000.