BlockBeats News, August 20th, CryptoQuant founder Ki Young Ju stated, "Since Bitcoin hit an all-time high (ATH) in October 2025, Bitcoin's demand has turned positive simultaneously in both spot and perpetual futures markets for the first time.

The current scale of demand growth is still limited, but if this trend can continue for a month, it is reasonable to conclude that the previous bear market has ended, and a new bull market cycle has begun."