Bitcoin’s latest market cycle has entered a new phase, with onchain and derivatives data pointing to demand exhaustion and a transition into bear market territory, according to CryptoQuant’s latest Crypto Weekly Report. After multiple demand-driven rallies since 2023, the firm says the structural pillars that supported higher prices are now weakening. Demand Growth Falls Below Trend CryptoQuant’s analysis shows that Bitcoin demand growth has decisively slowed since early October 2025, falling below its ...