CryptoQuant founder Ki Young Ju said spot and perpetual futures demand for Bitcoin has turned positive for the first time since BTC set a record high in October 2025. He said the shift is still small in scale, but added that if the trend holds for one month, it would be reasonable to conclude that the bear market has ended and a new bull cycle has begun. The comment was shared in a post cited by PANews on Aug. 20. Ju’s view ties the market call directly to demand conditions in both spot and perpetual futures rather than to price alone. He did not say the signal was already fully confirmed, instead framing one month of persistence as the threshold for making that judgment. The statement centers on Bitcoin and does not mention other assets or broader market data beyond the change in demand.
PANews reported on Aug. 20 that CryptoQuant founder Ki Young Ju said spot and perpetual futures demand for Bitcoin had turned positive for the first time since BTC reached an all-time high in October 2025.
Ju said the change remained limited in size. Still, if the condition continues for one month, he said it would be reasonable to conclude that the bear market is over and that a new bull cycle has started.
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