Bitcoin On Chain Funding Turns Positive for First Time in Nearly Three Months, Demand Remains Low

CryptoQuant analysts point out that Bitcoin on-chain funding flows improved in late August. As of August 26, the realized market capitalization relative net position rose to +0.21%, the first positive change since May 28, ending nearly three months of net outflows. Meanwhile, the 30-day apparent demand/new supply ratio has been above 1 for six consecutive days, currently at 2.52, approximately 2.5 times the new issuance.

However, the absolute strength of two indicators is low: since 2024, the median realized market capitalization positive period is +3.24%, while the current +0.21% is only in the lowest 3%-4% of the positive sample; the historical median apparent demand ratio above 1 is 7.65, and the current 2.52 is also in the lowest 10%.

Analysts believe that the shift to a small inflow of funds is a positive signal, but it is still difficult to confirm a strong new demand cycle, and its sustainability needs to be observed.