Bitcoin Demand Turns Positive as Price Rebounds Above $70K

Bitcoin's price rebounded above $70,000 over the past 24 hours, marking a significant shift in market conditions. According to CryptoQuant founder Ki Young Ju, demand for Bitcoin has turned positive across both spot and perpetual futures markets for the first time since its October 2025 all-time high.

Young Ju attributed the recovery to a return of massive longs by 'Crypto OGs,' who opened at a potential price bottom on exchanges last week. This improvement in demand is modest, but if sustained, it could signal a broader change in market conditions.

CryptoQuant contributor MorenoDV highlighted another potentially important source of selling pressure emerging as Bitcoin approaches the realized price of short-term holders (STH). Bitcoin recorded its largest-ever profit-side Unspent Transaction Output (UTXO) movement on Binance, surpassing the previous record recorded around Bitcoin's last market peak.

The significance of this event lies in the market conditions surrounding the latest spike. The previous record occurred when Bitcoin was trading near all-time highs, while the current surge is occurring as Bitcoin recovers from an extended period of weakness and approaches the aggregate cost basis of recent buyers.