Bitcoin’s spot demand set to turn positive for first time since February

Bitcoin’s on-chain demand picture just flipped a switch that’s been stuck in the off position since February. CryptoQuant’s “apparent demand” metric, which measures net buying pressure by comparing new supply against dormant and exchange-held coins, has climbed to roughly +25,000 BTC. That’s the first positive reading in six months. The turnaround matters because this metric spent most of 2026 deep in the red, bottoming out at approximately -147,000 BTC in May when Bitcoin was grinding sideways around $60,000. What the numbers actually say CryptoQuant confirmed the positive reading on August 18, marking the first time the metric broke above zero since February 2026. Bitcoin was trading in the $64,000 to $65,000 range at the time, a recovery zone after sliding from higher levels earlier in the year. The institutional side of the equation has contributed meaningfully. Cumulative net inflows into US Bitcoin ETFs have surpassed $52 billion by mid-August 2026. One recent session saw a daily inflow spike of $297.5 million, the kind of single-day burst that suggests big allocators are still actively building positions rather than sitting on their hands. Those ETF flows serve as a real-tim...