In addition, the BTC demand in both spot and perpetual futures turned positive for the first time in almost a year.
A lot can change in the cryptocurrency markets within relatively small time windows, sometimes even hours. This is what took place over the past 24 hours.
Bitcoin stood sideways below $65,000, where it spent most of the past several weeks. It had calmed in a tight range between $62,000 and $65,000, as both boundaries were too strong to be overtaken.
However, it all changed suddenly on Wednesday afternoon. While the reasons are still widely debated, perhaps the US Treasury Department’s move and the White House crypto event are leading the speculation.
CryptoQuant’s CEO, though, outlined something different that might have caused the sharp uptick – OG whales. According to the prominent analyst, these highly important market participants opened massive longs at BTC’s price bottom of under $63,000 last week, and the asset took off within days.
As such, he determined that they “still know, or decide, when the Bitcoin bull run starts.”
Looks like OG whales still know, or decide, when the Bitcoin bull run starts.
Massive longs were opened at the bottom on exchanges last week, and now price is taking off. https://t.co/eJ0mBuvfGO pic.twitter.com/dxucxSOMA7
— Ki Young Ju (@ki_young_ju) August 20, 2026
In a separate tweet, Ki Young Ju outlined another positive change in the broader BTC landscape. He explained that the Bitcoin demand has turned positive in both spot and perpetual futures for the first time since October 2025 – a month in which the cryptocurrency charted its all-time high and subsequently experienced one of its worst crashes in history.
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Although the scale remains modest, CQ’s executive continued, it would be reasonable to conclude that the bear market is over if it holds for another month.
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