Bitcoin spot demand has turned positive simultaneously with perpetual futures demand for the first time since the October 2025 all-time high, according to CryptoQuant on-chain data. Combined spot and futures demand reached approximately 170,000 BTC over the past 30 days, a level that has historically preceded the most sustained rallies. Bitcoin is trading around $79,000, driven by a nearly 25% rebound in one week. The $2.75 billion in short positions liquidated on August 19 largely contributed to this short-term movement. CryptoQuant founder Ki Young Ju specified that if this trend holds for another month, it would be reasonable to conclude the bear market has ended.
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