“Every Metric” Points to a Bitcoin Bear Market, CryptoQuant Analyst Says

Core Viewpoint - Bitcoin is currently in the early stages of a bear market, with expectations of continued price declines through 2026 due to weakening demand [1][2][3] Market Indicators - On-chain and market metrics confirm that Bitcoin entered a bear market as early as November 2025, with expectations for prices to trend downwards in the coming months [2][3] - The structural contraction in Bitcoin demand has been tracked through the flow of exchange-traded funds (ETFs), which have shifted from being net buyers to net sellers since early November [4][5] Demand Dynamics - Between 2024 and 2025, Bitcoin demand was bolstered by the launch of US spot Bitcoin ETFs, which led to significant institutional inflows [4] - Regulatory support under the Trump administration further enhanced risk appetite for Bitcoin investments [5] Selling Pressure - The rush of companies adopting Bitcoin as a treasury asset has diminished, with only MicroStrategy continuing to buy, while others have halted purchases [6][7] - There is an increasing risk of forced selling among companies holding Bitcoin if prices continue to decline [7]