Is the Bitcoin Era Coming to an End? Can the Price Move Forward?

Recently, the price movements of Bitcoin have continued to create great curiosity and concern among investors. According to prominent data, it has been observed that the waves of demand for Bitcoin (BTC) are weakening, which could indicate the onset of a potential bear market.

According to a report published by CryptoQuant, three main spot waves that increased Bitcoin demand have gradually weakened since the beginning of 2023. These waves included the approval of spot ETFs in the United States (US), the presidential election process, and the buying demand created by companies known as Bitcoin Treasury Companies. However, since the beginning of October, the increase in Bitcoin demand has fallen below a critical support level, a trend line.

This situation serves as an important warning for Bitcoin. Historically, periods of weakening demand increase have placed price under pressure. Notably, decreases in demand from institutional and large investors are drawing attention. By the fourth quarter of 2025, US spot Bitcoin ETFs have entered a net seller position, with total ETF assets showing a decrease of approximately 24,000 Bitcoin. This scenario contrasts with the strong accumulation period expected in 2024.

Similarly, the growth rate of addresses holding 100 to 1,000 Bitcoin remains below the trend. CryptoQuant noted that the current picture is quite similar to the situation before the end of 2021 and the bear market of 2022. In derivative markets, a weakening of risk appetite has also been observed. Funding rates in perpetual contracts have fallen to their lowest levels since December 2023. This indicates a decreased willingness of investors to hold long positions and signals a situation often seen during bear market periods.

From a technical analysis standpoint, the price of Bitcoin has dropped below the 365-day moving average. CryptoQuant emphasizes that this level is a critical threshold that historically separates bull and bear markets. In potential downturn scenarios, the price level around $56,000 stands out as a strong support point, while the interim support level is expected to form around $70,000.

There are significant points for Bitcoin investors to monitor. Changes in demand dynamics could be a critical indicator for the overall sentiment in the cryptocurrency market. It is essential for investors to exercise caution and closely follow market developments.