Bitcoin Demand Shifts Positive for First Time Since October 2025 All-Time High

CryptoQuant CEO Ki Young Ju has flagged a significant shift in Bitcoin's market dynamics. For the first time since October 2025, when Bitcoin hit its all-time high above $126K, demand for the cryptocurrency is growing positively across both spot and perpetual futures markets.

This change marks a crucial turning point after months of decline, with Bitcoin trading at around $60K in early August 2026. The nominal demand indicator, which measures net buying pressure, has flipped positive, indicating that more buyers are entering the market than sellers.

Earlier this year, there were brief periods of growth in futures markets, but these rallies fizzled out due to a lack of spot market participation. This time around, however, the spot market is showing signs of life, with Ki Young Ju noting that the positive trend needs to sustain for approximately another month before it can credibly signal the end of the downturn and the beginning of a new bull cycle.

The reversal in demand growth comes as spot Bitcoin ETFs, which were significant demand drivers during the 2025 all-time high, saw substantial outflows during the downturn. If these flows reverse along with the on-chain demand metrics, it could strengthen the case for a structural bottom in the market.