Bitcoin spot demand turns positive at 25,000 BTC on ETF inflows

Bitcoin's apparent demand turned positive for the first time since February, reaching about 25,000 BTC, as institutional buying returned to the spot market.

CryptoQuant's "apparent demand" metric, which tracks the gap between newly minted supply and the change in coins held in long-term investor wallets, flipped to a positive reading of roughly 25,000 BTC, the analytics firm said. The gauge had been negative for six consecutive months, bottoming at -147,000 BTC in May when prices hovered around $60,000.

The turnaround is driven largely by institutional investors. Cumulative net inflows into US spot Bitcoin ETFs surpassed $52 billion by mid-August, including a single-day inflow of $297.5 million, according to fund flow data. The renewed buying pressure could ease miner selling, which has weighed on prices through the first half of the year.

Bitcoin traded at $64,829, up 1.7 percent over 24 hours, with a market capitalization of about $1.30 trillion, CoinGecko data shows. The token remains roughly 49 percent below its all-time high of $126,080 reached on Oct. 6, 2025.

ETF inflows surpass $52 billion

The cumulative inflows mark a sharp reversal from the first half of the year, when outflows and miner selling kept spot demand in negative territory. The single-day inflow of $297.5 million, among the largest of the year, points to sustained institutional appetite even as Bitcoin trades well off its highs. The token's 24-hour trading volume stood at $22.06 billion, with the broader digital-asset market tracking the move higher.

Can the positive reading hold?

Sustained ETF inflows will be key to maintaining upward momentum, CryptoQuant said. If institutional demand holds, the positive spot reading could mark the start of a broader accumulation phase, giving Bitcoin a firmer floor after a volatile first half and drawing fresh capital into the wider digital-asset market. Traders will watch whether the metric stays above zero through the next monthly settlement, with the outcome likely to shape price action into the fourth quarter.

This article is for informational purposes only and does not constitute investment advice.