CryptoQuant says slowing Bitcoin demand signals shift to bear market

A clear slowdown in Bitcoin demand growth suggests a transition to a bear market, according to a report from on-chain data platform CryptoQuant on Friday. The analysis stated that the rise in spot demand, which had been driven by the launch of U.S. spot ETFs, the election of President Donald Trump, and a bubble in companies strategically accumulating Bitcoin, has fallen below its upward trendline since early October. CryptoQuant explained that this indicates the accumulation demand for the current cycle has likely been absorbed, removing a key pillar of price support. The report added that demand from institutions and large-scale investors has also entered a contraction phase, while risk appetite in the derivatives market is weakening. It concluded that historically, a bear market has often followed when demand growth peaks and reverses, regardless of supply-side dynamics.