The decline in demand contraction ratio is more concerning than the price drop; the fundamentals have changed.

On-chain analysis firm CryptoQuant states that Bitcoin's current trend is similar to the bear market phase in March 2022, with market sentiment having re-entered the "extremely bearish" zone. The report says that Bitcoin's recent rebound was blocked near the 200-day moving average around $82.4k, then fell back to around $76k, a pattern similar to the "rebound followed by a decline" in the 2022 bear market. CryptoQuant points out that Bitcoin demand has shifted to contraction, with speculative demand for perpetual contracts significantly slowing, and the US spot Bitcoin ETF has also turned into net selling; at the same time, Coinbase Bitcoin premium remains negative, indicating that US institutional and retail funds have not yet clearly flowed back into the market. (The Block)