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CryptoQuant Research Director: Perpetual futures contracts are the only driving force behind Bitcoin's price increase in April
ME News Report, May 3rd (UTC+8), CryptoQuant Research Director Julio Moreno pointed out in a report that the April increase in Bitcoin prices mainly relied on the demand for perpetual futures contracts, rather than growth in spot market demand. In his view, this phenomenon usually occurs during bear markets and is unlikely to sustain a long-term upward trend. Moreno emphasized that the increase in futures demand and the decrease in spot demand are clear signals in on-chain indicators, reflecting that this rally is more speculative, with leverage being the main driver of price increases rather than new capital inflows. He warned that historically, such demand structures are unlikely to support sustained rises, and if futures positions are unwound, prices typically experience a correction. CryptoQuant added that the current demand pattern is similar to the early bear market of 2022 and carries significant downside risk. (Source: MLion)