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Cryptoquant data shows that the April 20% increase in Bitcoin's price—from $66,000 to $79,000—was entirely driven by demand for perpetual futures, while the volume of spot purchases decreased throughout the period, raising serious doubts about the sustainability of this growth.
Main conclusions:
Cryptoquant data indicates that Bitcoin's April rise from $66,000 to $79,000 was completely driven by demand for perpetual futures with no support from the spot market.
Cryptoquant Bull Score index for Bitcoin dropped from 50 to 40 by the end of the month, signaling a deterioration in on-chain fundamentals after the speculative rally.
Cryptoquant researchers warn that the current demand dynamics mirror the start of the 2022 bear market, putting the resistance level of $79,000 at risk of further deviation.