According to the latest Cryptoquant report, the apparent demand indicator for Bitcoin, which tracks the 30-day change in on-chain spot purchase activity, remained negative throughout the entire April price rally. Demand for perpetual futures expanded during the same period, as speculative traders pushed prices higher through leverage rather than direct coin accumulation. Cryptoquant researchers describe the gap between increasing futures market activity and decreasing spot demand as one of the most obvious on-chain signals indicating that the price increase is speculative in nature. When spot demand declines while prices rise, the marginal buyer in the market is positioned in derivatives rather than in actual Bitcoin.