CryptoQuant’s latest analysis indicates Bitcoin is entering a renewed bear market phase with significant structural weaknesses. Institutional demand, especially from U.S. spot ETFs, has reversed from strong buying in 2025 to net selling in 2026, leading to persistent selling pressure. Combined with weakening U.S. retail participation and a contraction in stablecoin liquidity, Bitcoin faces heightened downside risks toward $70,000–$60,000 unless demand and liquidity improve.$BTC #BearMarketAnalysis