TLDR
- Bitcoin price rose about 20% in April mainly due to increased futures trading activity.
- CryptoQuant reported that spot demand declined during the rally which signaled weak organic buying interest.
- The firm stated that the divergence between rising prices and falling spot demand suggests speculative market behavior.
- Bitcoin price corrected from $79,000 and now trades near $77,000 following the futures-driven rally.
- CryptoQuant compared the current pattern to early 2022 when similar conditions led to a prolonged market decline.
Bitcoin showed mixed signals after a sharp April rally, while new data pointed to weak underlying demand. Bitcoin price rose about 20% during the month, yet analysts flagged a divergence between price and spot buying. CryptoQuant stated that futures traders largely powered the rally, raising concerns about sustainability.
Bitcoin Price Faces Pressure as Futures Activity Dominates Demand
CryptoQuant reported that Bitcoin price climbed from $66,000 to nearly $79,000 during April trading sessions. However, the firm said perpetual futures demand drove this increase instead of spot market participation.
Perp demand is rising. Spot demand is still contracting.
That exact setup appeared in 2022 and preceded the next leg down.
It doesn’t guarantee the same outcome, but structurally, this is a bearish demand signal. pic.twitter.com/jE1Ld6koaZ
— CryptoQuant.com (@cryptoquant_com) April 30, 2026
The report stated, “the rally was driven entirely by growth in perpetual futures demand,” which highlighted speculative activity. At the same time, spot demand declined steadily, which indicated weaker organic buying pressure.
CryptoQuant explained that the divergence between price growth and falling spot demand often signals speculative market behavior. It added that such patterns usually suggest that price gains lack strong fundamental backing.
The firm noted that Bitcoin now trades near $77,000 after a recent pullback from its peak. It linked this correction to earlier rallies that relied heavily on futures demand.
CryptoQuant stated that similar setups appeared during early 2022 before a broader market downturn. It said the current structure mirrors that earlier phase, where futures demand rose while spot demand weakened.
Conflicting Views Emerge as Bitcoin Price Outlook Diverges
CryptoQuant maintained that current market conditions suggest a possible extended decline in Bitcoin price over the coming months. The firm stated that “history suggests this setup carries meaningful downside risk,” based on prior trends.
Its Bull Score Index dropped from 50 to 40 during April, even as Bitcoin price increased. The firm said this decline signals weakening bullish momentum across market and network indicators.
CryptoQuant explained that a Bull Score of 40 places the market in a bearish zone based on historical data. It added that such levels previously preceded continued price weakness in similar cycles.
Meanwhile, Bitwise presented a different perspective on the rally’s drivers. Chief investment officer Matt Hougan pointed to corporate buying as a key factor.
Hougan stated that Strategy played a major role in supporting the recent rally. He also cited ETF inflows of $3.8 billion since March 1 and purchases by long-term holders.
He said, “Strategy has been the single biggest factor,” while acknowledging multiple contributors to the rally. These included steady ETF demand and renewed accumulation from existing investors.
Bitcoin price continues to trade around $77,000 at the time of reporting, with a 2.1% daily increase. CryptoQuant’s latest data shows futures demand remains elevated while spot demand stays subdued.
