Overview
- Bitcoin trades near $88,000, roughly 30% below its early-October peak around $126,000.
- CryptoQuant says demand growth fell below its long-term trend in early October, with the bear phase effectively starting in mid-November.
- U.S. spot Bitcoin ETFs became net sellers in Q4, cutting holdings by about 24,000 BTC as accumulation by 100–1,000 BTC wallets slowed.
- Derivatives and technical gauges turned defensive, with average funding near lows since late 2023 and price slipping below the 365-day moving average.
- CryptoQuant outlines support near $70,000 and a potential realized-price low around $56,000 if buying fails to recover, while some institutions still publish bullish scenarios.