Analyst: Bitcoin has entered a bear market, mainly due to weak demand. Summary: Bitcoin is currently in a bear market, with weak demand causing the disappearance of price support factors. After experiencing three rounds of spot demand in 2023, growth has fallen below the long-term trend since October 2025, with holdings decreasing, similar to historical bear markets. According to BlockBeats, on December 24, CryptoQuant research director Julio Moreno stated, "Bitcoin is currently in a bear market, mainly caused by weak demand." Since 2023, Bitcoin has gone through three major waves of spot demand, driven by US spot ETF approvals, US presidential election results, 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 main portion of new demand in this cycle has been absorbed, and key price support factors are disappearing. In Q4 2025, US spot Bitcoin ETFs have shifted to net sellers, with holdings decreasing by approximately 24,000 BTC, a stark contrast to the strong accumulation in Q4 2024. Meanwhile, addresses holding 100–1000 BTC (mainly representing ETFs and treasury companies) are also growing below trend levels, closely resembling the demand deterioration before the end of 2021 and the onset of the 2022 bear market. Bitcoin's price has broken below the 365-day moving average, a critical long-term technical support level that has historically been an important dividing line between bull and bear markets. #加密市场小幅回暖