Bitcoin, the largest cryptocurrency by market capitalization, tumbled to a new low on Friday, dropping as low as $59,073. This is the lowest price since October 2024, and some analysts are calling it a “fresh Bitcoin bear market low.” The price slide followed a strong U.S. jobs report, which led markets to expect higher interest rates for longer. That pushed Treasury yields and the dollar higher, while stocks and crypto took a hit.
Bitcoin fell about 16% on the week. The decline came alongside a record streak of outflows from Bitcoin ETFs and a sense that the usual narratives supporting Bitcoin were losing steam. By Saturday morning in Asia, Bitcoin had steadied a bit, trading around $61,000, still down about 1.3% on the day.
Demand Contraction Hits Cycle Lows
Julio Moreno, head of research at CryptoQuant, noted on social media that Bitcoin is seeing its deepest demand contraction of this cycle. According to the firm, global Bitcoin demand has fallen to its worst level since the previous bear market. Total demand dropped by 501,000 BTC in the past month, which is the fastest monthly decline since May 2022. That was the period right after the Terra and Luna collapse.
Breaking it down, spot demand (people buying actual Bitcoin) is down by 272,000 BTC on a 30-day basis. This metric has been negative for almost all of 2025 so far. Futures demand, which captures speculative interest, fell by 229,000 BTC. It’s a broad-based retreat, affecting both casual investors and larger players.
History Suggests Caution, Maybe Opportunity
Similar patterns of extreme disinterest have occurred before, like in November 2023 and April 2025. Those periods often preceded shifts in the market. Some traders watch these signals closely, thinking that when demand is this low, it might be a contrarian buying opportunity. But no one can say for sure. The current environment feels fragile, and the macro backdrop isn’t helping much with interest rates staying high.
For now, Bitcoin is trying to hold above $60,000, but the mood is cautious. The combination of ETF outflows, weak demand, and a strong dollar creates a tough backdrop. Whether this is truly a bear market low or just another stop on the way down remains to be seen.
