Bitcoin demand has turned positive for the first time since October 2025, according to CryptoQuant data. This indicator captures net buying pressure across spot exchanges and perpetual futures contracts. Bitcoin hit an all-time high above $126K in October 2025 before dropping to around $60K in early August 2026, representing roughly a 50% drawdown. CryptoQuant CEO Ki Young Ju noted that previous 2026 rallies were driven by leveraged futures positions rather than organic spot buying. He indicated that this positive trend would need to sustain for roughly another month to credibly signal the beginning of a new bull cycle.
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