# Bitcoin demand turns positive in spot, perpetual markets as price rebounds above $70K; hits 11-week high — retained record

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source: [news](https://highsignal.app/data/news) (news:india-mint-markets)  published 2026-08-21 01:39 ingested 2026-08-21 06:38

[original source ↗](https://www.livemint.com/market/cryptocurrency/bitcoin-demand-turns-positive-in-spot-perpetual-markets-as-price-rebounds-above-70k-hits-11-week-high-11787273026525.html)

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Bitcoin demand has turned positive across both spot and perpetual futures markets for the first time since its last bull cycle in October 2025, according to CryptoQuant founder Ki Young Ju on Thursday.
The shift comes as Bitcoin rebounded past $70,000 on Thursday, reaching its highest level since June 2, 2026. The cryptocurrency has gained nearly18% over the last five trading sessions, signaling renewed optimism among investors.
While the improvement remains modest, Ki Young Ju said that sustained demand could signal a broader change in market conditions. A continued recovery in both spot and perpetual futures demand could indicate that the recent rebound is gaining a more durable foundation.
“The scale remains modest, but if this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun,” he wrote in a X (formerly Twitter) post yesterday.
Bitcoin stood at $74,644 at 1:09 AM (UTC) on August 21, 2026, up 2.24% over the last few hours and 14% in the last one month.
This rally was partly attributed to a White House crypto legislation push and the US Treasury's bond buyback program.
“Bitcoin’s move above $71,000 is important because it signals a potential shift from prolonged consolidation towards a broader recovery. Softer Treasury yields and a weaker dollar have improved liquidity conditions, while sustained ETF inflows and progress on regulatory clarity are adding conviction to the move,” said Balaji Srihari, VP - Business, India, CoinSwitch.
US stock markets opened higher on Thursday after the United States Treasury Department announced that it would at least double the level of government debt buybacks, from $2 billion to a minimum of $4 billion per operation, beginning on September 9, 2026.
The US 30-year yield had hit a 19-year high of 5.34% on Tuesday but later declined. The Treasury's announcement drove it down, last trading at 5.184%, according to a Reuters report.
“This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants, as evidenced by the significant volume of high-quality offers Treasury routinely receives in longer-dated buyback operations,” an official press release stated.
Though the recent rally has fueled optimism among investors and market watchers, analysts remain cautious, warning that Bitcoin could face a "final brutal flush" to $44,000-$48,000 before entering a sustained bull market, according to a Forbes news report.
Some argue that the latest surge is being driven by a liquidity operation rather than true demand, amid concerns over a potential “AI superbubble” adding to the market uncertainty. Although, spot Bitcoin ETFs saw recent inflows, expert skepticism about the rally's foundation remains high.
Bitcoin witnessed a sharp rise above the $74,000 mark after President Trump's call for Congress to pass a fair version of the CLARITY Act, the most important law for the growth of the digital asset industry in the US and globally, said Ryan Lee, Chief Analyst at Bitget Research.
He also added that this regulatory clarity is already emerging as a lead market catalyst and the push by President Trump and crypto leaders is expected to significantly boost the market sentiment.
“The significance of this move will have an impact beyond Bitcoin’s immediate price movement. The focus of the US administration to establish a clearer policy framework for digital assets will serve as a template for other emerging markets to regulate the fast-growing crypto industry in their respective countries. At Bitget, we see regulatory clarity as an important foundation for building sustainable growth and broader adoption across the global digital asset ecosystem,” he said in a statement.
In the coming weeks, he noted, the market will be in wait and watch mode to see if the political will translates into legal progress. If the CLARITY Act makes progress, it could boost investor confidence and spark a broader recovery in digital assets. However, any ambiguity or political impasse will keep the market volatility elevated, Lee further said.
Eshita Gain is a digital journalist at Mint, where she joined in May 2025. She writes on corporate developments, personal finance, markets, and business trends, with a focus on delivering timely and relevant stories to a broad audience. <br><br> While her core beat lies in business and finance, she is not confined to a single niche and frequently explores stories across domains, including international relations and policy developments. <br><br> She holds a postgraduate diploma in business and financial journalism by Bloomberg from the Asian College of Journalism (ACJ), Chennai. During her time there, she received rigorous training in tracking financial data, interpreting corporate filings, and reporting on business developments. She has pursued her graduation from St. Joseph’s University, Bengaluru in a multi-disciplinary course. Her majors included Journalism, International Relations, peace and conflict studies. <br><br> Eshita has previously worked in digital marketing, which enables her to write SEO friendly copies that are clear and engaging. <br><br> Her primary interest lies in breaking down complex subjects and writing clear, accessible copies that inform readers. She aims to bridge the gap between technical financial language and everyday understanding. Outside the newsroom, Eshita enjoys reading non-fiction, and exploring new places, constantly seeking fresh perspectives and stories beyond headlines.
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