[Analyst Says Bitcoin Enters Bear Market, Weak Demand as Main Reason] On December 24, CryptoQuant's Head of Research Julio Moreno stated that Bitcoin is currently in a bear market, primarily due to weak demand. Since 2023, Bitcoin has experienced three major waves of spot demand, but since early October 2025, demand growth has fallen below the long-term trend level. In Q4 2025, U.S. spot Bitcoin ETF holdings decreased by approximately 24,000 BTC, and addresses holding 100–1,000 BTC grew below the trend level. Bitcoin's price has fallen below the 365-day moving average, a technical support level often regarded as the dividing line between bull and bear markets.