Bear is here? 🐻

Bad news for Bitcoin: Analysts say the bear market is already here, pointing to key historical factors.

Author

Andrew Hayward
December 20, 2025

📝 What you need to know

Some not-so-great news to finish out the year: Analysts at CryptoQuant are now convinced that Bitcoin has entered a bear market, laying out the data and details in a report published Friday.

CryptoQuant’s gurus pointed to demand falling below its long-term trend in early October—back when we got that record $19 billion liquidation event—plus ETFs bleeding out funds in recent months and whale holders slowing their buys.

“We believe most of this cycle’s demand growth has passed, with the corresponding bearish effect on price,” the analysts wrote.

And with that, Decrypt’s Daily Dispatch is signing off until the new year, though we have plenty of stories lined up to run throughout the holiday season, highlighting 2025’s biggest crypto trends—and what to expect as 2026 gets underway.

Bitcoin Has Entered a Bear Market, Say Analysts—Here's Why

As Bitcoin continues to languish below the $90,000 mark, CryptoQuant analysts are ready to call it: BTC has entered a bear market.

📰 In the News

'Bitcoin Senator' Cynthia Lummis Will Not Run for Reelection

Senator Lummis, one of crypto’s most powerful allies in Washington, has been instrumental in fights to pass industry-favored legislation.

Brooklyn Man Charged in Phishing Scheme That Swiped $16 Million From Coinbase Users

A 23-year-old Brooklynite, Ronald Spektor, was charged with stealing $16 million in cryptocurrency from dozens of Coinbase users.

FTX, Alameda Execs Will Be Barred From Wall Street Roles for Up to 10 Years

The SEC proposed settlement agreements for key members of FTX co-founder and former CEO Sam Bankman-Fried’s inner circle.

📊 Myriad Market of the Day

Bitcoin s next move: Pump to $100K or Dump to $69K?

Trade "Bitcoin s next move: Pump to $100K or Dump to $69K?" on Myriad

🤡 Meme of the Day

🥇 Be First to Market With Myriad

Join the Myriad Markets Telegram to see the latest prediction markets the second they drop!

With Myriad, the on-chain prediction market launched by Decrypt’s parent company DASTAN, you can break the news and stake the news, using USDC and points.

🕵🏻‍♀️ Editor’s Picks

House Republicans Urge IRS to Overhaul Crypto Staking Tax Rules—Before 2025 Ends

House members have asked Treasury Secretary Scott Bessent to overhaul an IRS staking rewards rule before 2026 rolls around.

Decrypt’s 2025 Project of the Year: Hyperliquid

Perpetual futures, leverage, decentralization, and financial nihilism: just some of the things that made Hyperliquid the project of the year.

Crypto Industry Must Make Progress Before Trump Leaves Office: Etherealize Co-Founder

President Trump is leading the crypto charge in Washington, but the industry could face backlash once he leaves office, Etherealize co-founder Danny Ryan told Decrypt.

📚 Watch and Learn

📹️ WATCH: Charles Hoskinson Critiques US Government on Crypto Objectivity

Cardano’s Charles Hoskinson says the U.S. government needs much more rigorous testing when it comes to deciding which cryptocurrencies are considered valuable and which are not. “Why is XRP in the system but not Sui? Why is Solana in the system but not BNB? Can we objectively answer that against some metric?”

🎓️ LEARN: What Is Q-Day? The Quantum Threat to Bitcoin Explained

Experts warn quantum computers could someday forge Bitcoin’s digital signatures, allowing unauthorized transactions.

Interested in partnering with Decrypt? Find out more here.