Bitcoin (BTC) demand has turned positive across both spot and perpetual futures markets for the first time since its October 2025 all-time high, according to CryptoQuant founder Ki Young Ju on Thursday.
The shift comes as Bitcoin rebounded past $70,000 over the past 24 hours. Young Ju attributed the recovery to a return of massive longs by “Crypto OGs,” who opened at a potential price bottom on exchanges last week.
“For the first time since the October 2025 ATH, Bitcoin demand has turned positive in both spot and perpetual futures,” Young Ju wrote on X.
While the improvement remains modest, the CryptoQuant founder noted that sustained demand could signal a broader change in market conditions.
“The scale remains modest, but if this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun,” he added.
Bitcoin sees record profit-side UTXO movement
CryptoQuant contributor MorenoDV further highlighted a potentially important source of selling pressure emerging as Bitcoin approaches the realized price of short-term holders (STH).
He stated that Bitcoin recorded its largest-ever profit-side Unspent Transaction Output (UTXO) movement on Binance on Thursday. The number of UTXOs moved while in profit reached a new historical extreme, surpassing the previous record recorded around Bitcoin’s last market peak.
“Bitcoin just recorded its largest profit-side UTXO movement ever on Binance, right where trapped buyers finally have a chance to exit,” MorenoDV wrote.
The event’s significance lies in the market conditions surrounding the latest spike. The previous record occurred when Bitcoin was trading near all-time highs, when investors had substantial unrealized gains and stronger incentives to take profits.
The current surge, however, is occurring as Bitcoin recovers from an extended period of weakness and approaches the aggregate cost basis of recent buyers.
“That level represents the aggregate cost basis of recent buyers, and therefore one of the market’s most important psychological thresholds,” the analyst added.
As Bitcoin approaches the STH realized price level, investors who have remained underwater can recover their initial capital without realizing a significant loss.
MorenoDV noted that the record increase in profitable UTXO activity suggests that the recovery is already triggering higher supply activity.
“This does not mean every moved coin was sold. But it does indicate that Bitcoin is facing unusually high sell-side sensitivity exactly where the most reactive cohort has an incentive to de-risk,” he stated.
The analyst argued that a sustained reclaim of the Short-Term Holder Realized Price, coupled with Spent Output Profit Ratio (SOPR) remaining above 1 and improving spot demand, would indicate that buyers are absorbing breakeven supply.
However, a failure to reclaim and hold above the level could expose Bitcoin to renewed selling pressure, “turning trapped holders into exit liquidity.”
Developments on the institutional and regulatory side further strengthened positive movement in Bitcoin’s market.