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
