Bitcoin’s nominal demand indicator has turned positive for the first time in roughly ten months, with spot and perpetual futures demand growing simultaneously after the cryptocurrency’s October 2025 all-time high above $126,000. Separately, on-chain analyst Darkfost said Bitcoin’s 2026 apparent demand reached 25,000 BTC, its highest level of the year, indicating that spot buying may be absorbing newly issued supply. Bitcoin was trading in the low $60,000s by early August 2026, about 50% below its peak, after earlier rallies driven mainly by leveraged futures positions failed without spot-market support. Ki Young Ju said the positive trend would need to continue for roughly another month to credibly signal the end of the downturn and the start of a new bull cycle, while Darkfost said further confirmation is needed to determine whether the demand increase is sustainable.