Multiple factors, including ETF outflows, contracting demand, and price falling below key support levels, indicate the start of a BTC bear market.
Bitcoin (BTC) demand growth has slowed significantly since October 2025, signaling that Bitcoin has entered into another bear market cycle, according to analysts at crypto market analysis platform CryptoQuant.
Investor demand for BTC came in three waves during the current market cycle, with the first wave landing in January 2024, CryptoQuant analysts said.
The first wave followed the launch of Bitcoin exchange-traded funds (ETFs) in the US, the second wave followed the results of the 2024 US presidential election, and the third was a BTC treasury company bubble. According to CryptoQuant:
