Bitcoin has entered the early stages of a new bull market on CryptoQuant metrics after surging more than 25% from early last week and briefly topping $81,000, with the research firm’s Bull Score jumping from 30 to 80 as eight of 10 indicators turned bullish. Spot demand posted its fastest monthly growth since late December 2025, and spot and futures demand expanded together for the first time since early October 2025, pointing to real spot accumulation alongside returning leverage. Formal confirmation still requires a decisive break above the 365-day moving average near $83,000, a level that has historically marked bull-market starts and may act as resistance until reclaimed. Macro support included the U.S. Treasury’s plan to double long-term bond purchases to at least $4 billion per operation from September 9 and comments from President Donald Trump suggesting the U.S. government could buy Bitcoin, while U.S. spot Bitcoin ETF inflows and stable order-book depth also backed the rebound. Near-term risks are rising: unrealized profit margins reached 20.5%, short-term holders realized about $1.2 billion in profits between August 20 and 22, and exchange inflows surged to roughly 53,000 BTC, 1.7 million ETH and 460 million XRP, signaling distribution and potential downward pressure beneath heavy supply between $83,000 and $86,000.