CryptoQuant says on-chain metrics show Bitcoin entered bear market in Nov 2025

Beincrypto reported that CryptoQuant’s head of research, Julio Moreno, said in a podcast episode that on-chain metrics show Bitcoin entered a bear market in November 2025 and that downside is likely through 2026.

Moreno said "Basically every on-chain metric or market metric confirms that we are in a bear market in the early stages." He attributed the outlook to contracting demand as US spot ETFs, which drove strong institutional inflows in 2024–2025, have become net sellers since at least early November, and said corporate treasury buying has largely stalled. Moreno warned this raises forced-selling risk and said Bitcoin could reach a bottom near $56,000.

He added he would not expect new all-time highs from current levels and said the longer-term outlook depends on whether demand recovers: "The moment demand stops contracting and starts to grow again, that’s when the market structure changes." Until on-chain signs of renewed demand appear, Moreno said a cautious approach is most productive.

Key Topics

Crypto, Bitcoin, Cryptoquant, Julio Moreno, Spot Bitcoin Etfs, Microstrategy