On-chain data suggests a "demand vacuum" for Bitcoin, potentially leading to further price declines. The anticipated "supercycle" of 2025, fueled by institutional access, has not materialized as expected. According to reports, the rally has waned, spot prices are declining, and retail participation has decreased. Bitwise CEO Hunter Horsley views 2025 as a bear market disguised by activity from DATs and Bitcoin Treasury Companies. US spot Bitcoin ETFs experienced net redemptions, with holdings decreasing by approximately 24,000 BTC in Q4 2025. Reduced buying from key marginal buyers has shifted the market to trade on its underlying demand profile. Data indicates that demand growth slipped below trend from early October, suggesting that the market pulled forward buying power due to the US spot ETF launch and post-election positioning.

On-chain data suggests a "demand vacuum" for Bitcoin, potentially leading to further price declines. The anticipated "supercycle" of 2025, fueled by institutional access, has not materialized as expected. According to reports, the rally has waned, spot prices are declining, and retail participation has decreased. Bitwise CEO Hunter Horsley views 2025 as a bear market disguised by activity from DATs and Bitcoin Treasury Companies. US spot Bitcoin ETFs experienced net redemptions, with holdings decreasing by approximately 24,000 BTC in Q4 2025. Reduced buying from key marginal buyers has shifted the market to trade on its underlying demand profile. Data indicates that demand growth slipped below trend from early October, suggesting that the market pulled forward buying power due to the US spot ETF launch and post-election positioning.