[CryptoQuant: Bitcoin demand shrinks and falls below key moving average, entering a bear market cycle] CryptoQuant monitoring shows that Bitcoin demand growth has significantly slowed since October 2025, indicating that Bitcoin has entered a new bear market cycle. Analysts pointed out that the demand driven by spot ETF approvals, the 2024 U.S. presidential election, and corporate financial asset allocation bubbles has already been released. In the fourth quarter, ETF holdings decreased by approximately 24,000 BTC, and perpetual contract funding rates dropped to their lowest level since December 2023. Bitcoin's price fell below the 365-day moving average of approximately $98,172. The market is currently in a state of fear, with only 22.1% of investors expecting the January FOMC meeting to lower interest rates.