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

Recently, the price movements of Bitcoin continue to create great curiosity and concern among investors. According to prominent data, it is observed that the waves of demand for Bitcoin (BTC) are weakening, which may indicate the beginning of a potential bear market.

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

This situation serves as an important warning for Bitcoin. Historically, periods when demand growth weakens have resulted in price pressure. Notably, decreases in demand from institutional and large investors are drawing attention. In the last quarter of 2025, US spot Bitcoin ETFs turned into net sellers, and total ETF assets showed a decrease of approximately 24,000 Bitcoin. This scenario is contrary to the strong accumulation period expected in 2024.

Similarly, the growth rate of addresses holding 100 to 1,000 Bitcoin has also fallen below the trend. CryptoQuant pointed out that the current situation is quite similar to that seen at the end of 2021 and before the bear market of 2022. In derivative markets, a decline in risk appetite is also observed. Funding rates in perpetual futures have fallen to the lowest levels since December 2023. This indicates that investors' willingness to hold long positions has decreased, signaling a condition commonly encountered during bear markets.

From a technical analysis perspective, the Bitcoin price has fallen below the 365-day moving average. CryptoQuant emphasizes that this level is a critical threshold that historically separates bull and bear markets. In possible bearish scenarios, the price level around $56,000 stands out as a strong support point, while the intermediate support level is suggested to be around $70,000.

There are important points for Bitcoin investors to monitor. These changes in demand dynamics can be a critical indicator for the overall atmosphere in the cryptocurrency market. It is essential for investors to be cautious and closely follow market developments.