Woofun AI reports that Bitcoin spot demand and perpetual futures demand have both turned positive for the first time since the asset reached its all-time high in October 2025, according to Ki Young Ju, CEO of the on-chain analytics firm CryptoQuant.

The last time both metrics were positive was around the October 2025 peak, when Bitcoin traded above its previous record. Since then, the market experienced a prolonged correction, with spot demand lagging and futures activity declining. Historically, simultaneous rises suggest that both institutional participants and retail participants are increasing their exposure, a pattern seen during bullish phases. The current recovery, while early, marks a notable shift in market sentiment.

Ju's observation is based on CryptoQuant's proprietary metrics that track buying pressure in both the spot market and the perpetual futures market. Spot demand reflects actual purchases of Bitcoin on exchanges, while perpetual futures demand indicates leveraged trading activity. For traders and investors, the simultaneous recovery is a key indicator of market health. Spot demand is often seen as more sustainable, as it represents actual ownership transfer, while perpetual futures can amplify price moves due to leverage.

Woofun AI data shows that a sustained rise in both could provide the foundation for a more durable uptrend, rather than a short-lived rally driven by speculation.

However, Ju cautioned that the current increase is modest and needs to be confirmed over a longer period. He emphasized that a single month of data is insufficient to declare a new bull market, and that market conditions could still reverse if macroeconomic factors or regulatory developments weigh on sentiment.

The development comes amid a period of mixed signals for Bitcoin. On one hand, institutional adoption continues to grow, with exchange-traded products and corporate treasuries adding exposure. On the other hand, regulatory uncertainty in several jurisdictions and concerns about global liquidity have kept some investors cautious. The latest data from CryptoQuant offers a glimmer of optimism, but it remains to be seen whether the trend will hold.

The joint recovery in Bitcoin spot and perpetual futures demand is a positive sign, but it is not yet conclusive. As Ki Young Ju noted, another month of sustained demand would be needed to confirm a shift from bear to bull. Traders should monitor these metrics closely, along with broader market conditions, to gauge the likelihood of a sustained uptrend.