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Ki Young Ju, founder & CEO at CryptoQuant, observed that Bitcoin demand has turned positive in both spot and perpetual futures markets for the first time since the October 2025 all-time high.
While the current scale of demand remains modest, Ki Young Ju stated that if this trend continues for another month, it could indicate the end of the bear market and the start of a new bull cycle.
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Earlier, Ki Young Ju reported that Bitcoin’s rally was primarily futures-driven, with spot demand staying negative as open interest climbed. He also noted that Binance traders saw nearly triple the unrealized profits of 2021, attributed to ETF inflows and DATs. These prior trends provide context for the recent improvement in both spot and futures demand.