Bitcoin demand turns positive for first time since October 2025 all-time high

For the first time in roughly ten months, Bitcoin is seeing genuine demand growth in both spot and perpetual futures markets simultaneously. The shift, flagged by CryptoQuant CEO Ki Young Ju on August 20, marks the first time the nominal demand indicator has flipped positive since Bitcoin touched its all-time high above $126K back in October 2025. What the demand flip actually means Bitcoin’s nominal demand indicator captures the net change in buying pressure across both spot exchanges and perpetual futures contracts. When it’s negative, more sellers than buyers are driving price action. When it turns positive, the balance tips the other way. Earlier in 2026, there were moments when futures markets showed signs of life. But those rallies consistently fizzled because spot market buyers never showed up to back them. This time, the spot market is participating. The path from $126K to $60K After topping out above $126K in October 2025, Bitcoin bled slowly, with periodic rallies that gave false hope before each new leg down erased months of recovery. By early August 2026, Bitcoin was trading in the low $60Ks, a roughly 50% drawdown from the peak. Ki Young Ju noted that earlier rallies i...