CoinDesk reported:
The ratio surged to 1.36 on Aug. 1 on Bybit, reaching its highest level in at least a year, according to data tracked by South Korea-based blockchain analytics firm CryptoQuant. Values above 1 indicate that takers’ buy volume is outpacing the sell volume, a sign of bullish trading in the market. Bybit is the world’s third-largest crypto perpetual futures exchange in open interest and trading volume.