BTC demand recovers, but not enough to confirm a full bull market

Bitcoin demand is gradually recovering, but the pickup is still not strong enough to confirm the start of a full-fledged bull market, on-chain analyst Julio Moreno said. Moreno said Bitcoin’s apparent demand indicator has recently turned positive again, while the pace of demand contraction since May and June has continued to narrow, signaling a gradual improvement in the market’s supply-demand imbalance. Moreno added, however, that current demand strength is similar to the level seen during the limited rebound in 2024 and remains far from the strong, sustained demand growth recorded during the major rallies in late 2024 and 2025. At this stage, Moreno said, the market appears closer to a stabilization phase in which demand declines have stopped, rather than a broad-based expansion in demand, and stronger inflows are still needed to support a sustained price rise. BTC was trading at $77,230 on CoinMarketCap at the time of writing.