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I think this is a disbelief rally.
There's real institutional accumulation behind it, so it's not a clean bull trap.
But I think that leverage is doing too much of the work.
@cryptoquant_com flagged that April's move was mostly perp demand while spot demand is staying weak so I think that BTC needs time to cool off.
Still, the accumulation is real:
→ Spot BTC ETFs pulled in ~$1.3B in March and ~$2B in April
→ Strategy added 56,235 BTC (total holdings now at 818,334 BTC)
→ Metaplanet added 5,075 BTC
→ Long-term holder positions rising again
If futures positions unwind first, price resets before going higher.
What do you think?