According to CryptoQuant, Bitcoin’s 20% price surge in April (from $66,000 to $79,000) was driven primarily by perpetual futures demand while spot demand remained negative throughout the period. Head of research Julio Moreno said this divergence—rising futures alongside contracting spot demand—is a clear signal the rally lacks structural foundation. The CryptoQuant Bull Score Index fell from 50 to 40 in April, returning to bearish territory, indicating deteriorated onchain fundamentals. “Such configurations historically lack the structural foundation to sustain price gains and typically resolve via correction once futures positioning unwinds,” Moreno wrote. Bitcoin was trading near $78,500 at the time of reporting.
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