CryptoQuant Says Bitcoin Enters New Bear Phase as Demand Slows After October 2025

Analysts say Bitcoin has likely shifted into a bear phase as demand expansion stalled after October 2025. Institutional exposure softened, with ETF holdings dropping by roughly 24,000 BTC in Q4 2025, while perpetual funding rates fell to late 2023 levels and price slipped below the 365-day moving average, keeping near-term pressure on BTC.