Bitcoin on-chain data flag demand vacuum as Q4 2025 ETFs shed 24,000 BTC
In Q4 2025, on-chain metrics and market flows point to a Bitcoin demand gap, with US spot ETFs moving to net redemptions and aggregate holdings down by roughly 24,000 BTC. Analysts citing CryptoQuant and Alphractal describe a "bear season", while price analogs from Fidelity's Jurrien Timmer highlight support near $65,000–$75,000.