Bitcoin is showing signs of entering a bear market, according to on-chain data from CryptoQuant. Key demand metrics have fallen below baseline levels, with significant catalysts such as U.S. spot Bitcoin ETFs and macroeconomic events losing momentum. The reduction in ETF net positions and a slowdown in Bitcoin wallet growth further highlight the weakening demand dynamics. Additionally, perpetual futures funding rates have reached multi-year lows, indicating diminished long-term interest. Analysts suggest $70,000 as a potential support level, with the possibility of further declines to $56,000.