Bitcoin's spot demand turns positive for first time since February, signaling renewed institutional interest.

Bitcoin's on-chain demand metric, CryptoQuant's 'apparent demand,' turned positive for the first time since February 2026, reaching about +25,000 BTC after six months of negative readings that bottomed at -147,000 BTC in May when prices hovered around $60,000. The shift is driven largely by institutional investors, evidenced by over $52 billion in cumulative net inflows into US Bitcoin ETFs by mid-August 2026, including a notable single-day inflow of $297.5 million. The positive reading suggests renewed buying pressure that could ease miner selling, though sustained ETF inflows will be key to maintaining upward momentum in Bitcoin prices.