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CryptoQuant Research Director Julio Moreno stated that Bitcoin is in the early stages of a bear market, with on-chain and market indicators both showing weak demand. Moreno pointed out in an interview with BeInCrypto that since early November 2025, the US spot Bitcoin ETF has shifted to net selling, reversing the previous trend of institutional fund inflows. Aside from MicroStrategy, demand from corporate finance departments has essentially stagnated, raising concerns that further price declines could lead to forced selling. Moreno predicts that Bitcoin prices will continue to decline into 2026, with a potential low near $56,000, and emphasized that a demand recovery is needed to change the market structure.