Normally, when Bitcoin hits a new all-time high, risk alerts start to emerge. However, experts and analysts highlight three new positive metrics for Bitcoin that emerged in August.
These metrics act as rare signals. They suggest that Bitcoin season may have just begun this month, even after the price exceeded $120,000.
1. Ratio between Bitcoin futures and spot
The first is the ratio between futures and spot, which has fallen to its lowest level since October 2022. Why is this significant?
According to Swissblock, this ratio measures the trading volume of futures compared to the trading volume of the spot. A lower ratio indicates that large investors — often referred to as massive allocators — are actively buying BTC in the spot market instead of speculating through futures.
Ratio between Bitcoin futures and spot. Source: Swissblock
"Since the low in April, this movement has been driven by the spot market — large allocators acquiring every last BTC. The ratio between futures and spot is back to the levels of October 2022 → a sign of epic demand in the spot market," Swissblock reported.
Historically, when this ratio plummets, it often marks the bottom of the cycle — similar to the end of 2022, before BTC surged above $100,000. This suggests that, even with Bitcoin already in six-digit territory, the rally may still be in its early stages.
"The breakout target of $120,500 was reached, and now? The price momentum is aligning… Yes, macro volatility is expected and downside pressure may arise, but with the momentum igniting, we are going higher," Swissblock predicted.
2. Volume Ratio in CEX: Bitcoin vs. Altcoins
The second metric is the spot trading volume ratio between Bitcoin and altcoins.
This ratio compares the spot trading volume of BTC with that of altcoins on centralized exchanges (CEX). When the ratio increases, it shows that Bitcoin is attracting more capital — a classic sign of "Bitcoin season."
CEX Volume Ratio: Bitcoin vs Altcoin. Source: CryptoQuant
Data from CryptoQuant reveals that this ratio tends to rise along with the price of Bitcoin. In August 2025, it returned to 3 — its highest level since July 2022. This means that the trading volume of Bitcoin is now three times that of all combined altcoins.
History shows that when the ratio exceeds 3 and moves towards 5 (as it did at the end of 2021), BTC often leads strong market rallies. This suggests that the current market conditions indicate that Bitcoin season has yet to reach its full potential.
3. Buying and Selling Ratio of Bitcoin by Investors
Finally, the ratio of buying and selling by takers indicates that a new buying impulse is strongly forming.
According to CryptoQuant analyst Crazzyblockk, this ratio measures the volume of buying divided by the volume of selling by takers — the active traders who initiate market orders.
"The takers set the immediate tone of the market — when they are buying aggressively, it often precedes upward movements; when selling dominates, it may signal downside risk," Crazzyblockk explained.
A value above 1 signals bullish sentiment. Crazzyblockk also notes that when this value exceeds its 7-day average, it signals a new buying impulse.
Buying and Selling Ratio of Binance Takers. Source: CryptoQuant
This signal was confirmed in August. The buying and selling ratio of Bitcoin takers exceeded its 7-day average and reached 1.21 — the highest value since March.
These three metrics — record-level futures to spot ratio, recovery of CEX volume ratio, and rising taker buying and selling ratio — point to the beginning of Bitcoin season in August 2025.
Furthermore, a recent analysis from BeInCrypto suggests that Bitcoin could rise even further. However, it warns that a drop below $118,900 would invalidate the short-term bullish trend.
The article 'Bitcoin Rally is Not Over: 3 Optimistic Metrics Confirm August's Momentum' was first seen on BeInCrypto Brazil.
