Ki Young Ju, the founder and CEO of the on-chain analytics platform CryptoQuant, has announced that the prolonged bearish phase in the digital asset market appears to have concluded. According to his latest analysis, key market indicators have shifted for the first time since the Bitcoin (BTC) all-time high recorded in October 2025. This shift suggests a transition into a new growth cycle, driven by a resurgence in investor appetite across both spot and derivative markets.
Shift in Demand for Spot and Perpetual Futures
The primary catalyst for this optimistic outlook is the stabilization of demand metrics. For the first time in several months, the net demand for both spot Bitcoin and perpetual futures has entered positive territory. This synchronization between the cash market and the leverage market is often viewed by analysts as a prerequisite for sustained upward price movement.
- Positive demand in spot markets indicates direct accumulation of the underlying asset.
- Increased activity in perpetual futures suggests rising speculative interest and market liquidity.
- The current scale of demand remains modest but signifies a trend reversal from previous months.
Perpetual futures are a type of derivative contract that, unlike standard futures, does not have an expiration date, allowing traders to hold positions indefinitely as long as they maintain sufficient margin.
Verification Period for Trend Confirmation
Despite the positive data, Ki Young Ju emphasized the importance of sustained momentum before declaring a definitive victory for the bulls. The current data reflects a nascent recovery that requires further validation through time and consistent volume.
"For the first time since the all-time high in Bitcoin's price in October 2025, demand for spot and perpetual futures has turned positive. Although the scale is still small, if this situation continues for a month, it can be reasonably concluded that the bear market has ended, and a new bull market cycle has begun", Ki Young Ju stated.
The analyst's timeframe of one month serves as a critical benchmark to distinguish between a short-term "relief rally" and a fundamental change in market structure. If the current inflow of capital persists through September 2026, it would confirm a long-term bullish trajectory for the broader blockchain ecosystem.
The recent findings from CryptoQuant highlight a significant cooling of the selling pressure that dominated the crypto markets throughout late 2025 and early 2026. While the market remains in the early stages of this transition, the alignment of on-chain demand metrics provides a data-driven foundation for the prospect of a renewed bull market cycle. Investors and market participants will be closely monitoring trading volumes and funding rates over the coming weeks to verify if this recovery can maintain its momentum.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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