CryptoQuant: Bitcoin Spot & Perp Demand Turns Positive First Time Since Oct 2025

The signal's weight comes less from the turn itself than from how long the gap lasted: a return to positive demand after a stretch of negative readings marks a sentiment shift rather than a single print. It matters most for traders positioned around derivatives, where perpetual funding and spot flows reinforce each other. The open question is whether this is a durable regime change or a brief bounce; CryptoQuant's own framing points to demand readings, so the next several prints are what would confirm or undercut the shift.