CryptoQuant: A subida do Bitcoin em abril foi principalmente impulsionada por "fatores especulativos", devendo-se estar atento ao risco de correção

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Golden Finance report, on May 3rd, CryptoQuant research director Julio Moreno wrote in a report: “The demand for perpetual futures contracts is the sole driving force behind Bitcoin's price increase in April, while spot demand remains continuously shrinking. This structure has historically appeared in bear markets and is often difficult to sustain in an upward trend.”
Moreno stated that this divergence, with rising futures demand and shrinking spot demand, is one of the clearest signals on-chain, indicating that this rally is more speculative than based on structural growth. He pointed out that this means the price increase is mainly driven by leverage rather than new Bitcoin capital inflows.
Moreno also said: “Historically, this type of structure lacks the fundamentals to support sustained price increases, and once futures positions start to unwind, it usually results in a price correction.”
CryptoQuant stated that the current demand structure driven by perpetual futures is similar to the situation at the beginning of the 2022 bear market. Although this does not necessarily mean the same outcome will occur, the current structure indeed carries “significant downside risk”.
BTC2,98%
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