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Bitcoin demand across spot and perps turns positive as price tops $70K
Bitcoin rebounded above $70,000 to a level last seen in early June, helped by expectations for larger US Treasury buybacks.
Bitcoin demand has turned positive across both spot and perpetual futures markets for the first time since the prior bull cycle in October 2025, according to CryptoQuant founder Ki Young Ju, as the token rallied above $70,000.
Bitcoin reached its highest level since June 2, 2026, trading around $74,644 at 1:09 AM (UTC) on August 21, 2026. The cryptocurrency gained nearly 18% over the last five trading sessions, signaling renewed optimism, though Ki Young Ju described the improvement as still modest and said sustained demand could point to a broader market shift.
Market commentary tied the move to US macro conditions and policy momentum, including a US Treasury debt buyback program and a White House push for crypto legislation. CoinSwitch VP Balaji Srihari said Bitcoin’s move above $71,000 matters because it can reflect a shift from consolidation toward recovery, citing improving liquidity conditions alongside continued ETF inflows and progress toward regulatory clarity.
In the US rates market, LiveMint Markets linked the crypto rebound to Treasury action, noting the US Treasury Department plans to at least double the level of government debt buybacks from $2 billion to a minimum of $4 billion per operation starting September 9, 2026. The announcement followed a run to a 19-year high in the US 30-year yield, before the yield declined to 5.184%, according to the Reuters-referenced data included in the report.
Latest closeBitcoin $74,733.01 ▲7.9%