CryptoQuant has released an analysis indicating a bearish trend in the crypto market, with Bitcoin (BTC) falling below its 365-day moving average (MA) for the first time since March 2022. The CryptoQuant Bull Score Index, which was at 80 when BTC peaked at $126,000 in early October, has now dropped to zero following a significant liquidation event on October 10 that resulted in $19 billion in losses. Currently, BTC is trading below $68,000, marking a 23% decline since November 12, 2025. The report highlights weakening demand and tightening liquidity as key factors in the current market downturn. The Coinbase Bitcoin Price Premium has been negative since mid-October, reflecting weaker U.S. demand. Additionally, U.S. spot ETFs have shifted from accumulating to selling, offloading about 15,000 BTC and creating a demand gap of over 50,000 BTC. Bitcoin's spot demand annual growth has plummeted 93% in the last four months, while Tether's market cap growth has turned negative for the first time since October 2023, signaling typical bear market conditions.