Bitcoin Demand Shows Recovery But Not Yet Strong Enough for Bull Run

Bitcoin demand is gradually showing signs of recovery, though it has not yet demonstrated strong enough expansion to confirm a shift into a major bull market, according to on-chain analyst Julio Moreno. He stated that Bitcoin's nominal demand indicator has recently turned positive again, with the decline in demand since May and June continuing to narrow. This suggests improving market supply-demand imbalance. However, current demand strength remains comparable to the limited rebounds observed during 2024, falling short of the strong and sustained demand increases seen in late 2024 and early 2025 during major price rallies. Moreno emphasized that the market is currently closer to a stabilization phase where demand decline has halted rather than experiencing significant demand growth. For continued price appreciation, stronger demand influx will be necessary.