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【Julio Moreno: Bitcoin's April Rally Driven by Perpetual Futures Demand】
According to CryptoQuant research director Julio Moreno, Bitcoin's price increase in April was mainly driven by demand for perpetual futures contracts, while spot demand continued to shrink. This structure is typically seen in bear markets and is difficult to sustain a rally. He pointed out that this rally is more speculative, fueled by leverage rather than new capital inflows, and carries significant downside risk. CryptoQuant states that the current demand structure is similar to the early stages of the 2022 bear market.