"Cryptoquant data indicates that Bitcoin's apparent demand metric, which tracks the 30-day change in estimated onchain spot buying activity, remained negative throughout April's price surge, highlighting a lack of genuine market support."
"The gap between rising perpetual futures activity and contracting spot demand serves as a clear onchain signal that the price gains are speculative, with the market's marginal buyer positioned in derivatives rather than actual Bitcoin."
"As Bitcoin's price climbed, spot demand actively contracted, contradicting the notion that spot buyers were simply lagging behind; instead, the dynamics suggest a speculative rally driven by leverage."
In April 2026, Bitcoin's price surged from $66,000 to $79,000, driven entirely by perpetual futures demand. Spot buying activity remained negative throughout this period, indicating a lack of support for the rally. Cryptoquant's Bull Score dropped from 50 to 40, reflecting deteriorating onchain fundamentals. Researchers warn that the current demand pattern resembles the onset of the 2022 bear market, suggesting that the $79,000 resistance level may face rejection due to the speculative nature of the price increase.
Read at news.bitcoin.com
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