Bitcoin demand weakened in recent months as ETF holdings fell, large investors accumulated more slowly, and derivatives indicators declined, according to data by CryptoQuant. In a report released Friday, the analytics firm said Bitcoin demand fell below its long-term trend in early October, a shift it said historically signaled a bear market. “Since 2023, Bitcoin has experienced three-spot demand waves, driven by the U.S. spot ETF launch in January 2024, the Trump presidential election win, and the Bitc ...