CryptoQuant reports that Bitcoin rose from $66k to $79k in April 2026, mainly driven by perpetual contract demand, while spot demand remained in continuous contraction throughout the rally.


The divergence between price increases and weakening spot demand indicates this round of market movement is more speculative, lacking fundamental support, and its structure is similar to the early stages of the 2022 bear market, with downside risks.
Meanwhile, Bitcoin has fallen back from its high to around $75k, and CryptoQuant's bull-bear indicator has dropped from 50 to 40, re-entering a bearish zone.
BTC3.02%
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