Bitcoin demand has turned positive in spot and perpetual futures markets for the first time since its October 2025 all-time high.
Macro & Markets ·
Bitcoin demand has shifted into positive territory across both spot and perpetual futures markets, marking the first occurrence since the asset reached its October 2025 all-time high, according to analysis shared on X. The reversal signals a potential turning point, though the magnitude of inflows remains limited at present.
The significance of this shift hinges on duration and scale. If positive demand persists for an additional month, it would provide reasonable grounds to declare an end to the bear market and the commencement of a fresh bull cycle. Currently, however, the data spans only the immediate term, leaving the sustainability of the trend uncertain.
What remains unclear is whether this demand recovery will maintain momentum or fade, and whether broader market conditions—including macroeconomic factors and regulatory developments—will support a sustained bull phase. The modest scale of current flows also leaves open the question of whether this marks genuine institutional or retail conviction or merely a technical bounce.