Analysis: Market Performance Weaker Than Early 2022 Bear Market, BTC May Fall to $60,000

Odaily News CryptoQuant released a report indicating that on-chain data signals show the current market downturn is deepening, with performance worse than the early stages of the 2022 bear market, and the BTC price may fall towards $60,000. The next major support zone for BTC is between $60,000 and $70,000, and there is widespread structural weakness in the current crypto market. Institutional demand has undergone a sharp reversal, with US spot BTC exchange-traded funds shifting from net buying last year to net selling, while retail participation remains sluggish, with the Coinbase premium staying negative since mid-October. Liquidity conditions are also tightening. Furthermore, long-term demand growth has collapsed significantly, with BTC's annual spot demand growth dropping from 1.1 million BTC to 77,000 BTC over the past four months, a decline of 93%.