Bitcoin Enters Bear Market? CryptoQuant Points to Slowing Demand

This week, the on-chain analysis firm CryptoQuant analyzed that the demand growth for Bitcoin (BTC) has clearly slowed, indicating a transition into a bear market. According to the firm's report, the three major waves of demand expansion observed since 2023 have ended, and since early October, the growth in demand has been trending below expectations. The waves of increased demand were triggered by the approval of a spot ETF in the US, the results of the presidential election, and an increase in Bitcoin-holding companies. The firm points out that this slowdown in demand has led to the loss of key factors supporting the price. Institutional investors and major holders are now shifting towards reducing their demand.