Bitcoin’s on-chain capital inflows turned positive in the second half of August, while demand remained weak, according to CryptoQuant analyst Axel Adler Jr. Adler said the relative change in realized cap rose to +0.21% for the first time since late May, coinciding with Bitcoin’s rebound from its August low to $79,100. He also noted that 30-day apparent demand exceeded new issuance for six straight days. Despite the improvement, both indicators remain historically subdued. Current capital inflows rank in the lowest 3% to 4% of positive readings, while apparent demand sits in the lowest 10% of observations above 1. Adler said the directional shift matters more than strength for now, but sustained expansion is still needed to confirm a stronger regime.