🐋 WHALE WATCH: This April rally feels a bit off.


CryptoQuant is warning that the 20% surge from $66k to $79k was driven almost entirely by perpetual futures. Spot demand actually stayed in a contraction.
This exact divergence rising price with falling spot demand is what we saw at the start of the 2022 bear market. It usually leads to a correction once the leverage unwinds.
Are you de risking here or holding through ?
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