The price of Bitcoin experienced a significant rally on April 22, reaching an intraday high near $79,447. However, this move was not driven by demand from spot exchange-traded funds (ETFs), but rather by an expansion in futures positioning.
Data from CryptoQuant shows that open interest in the futures market increased by almost $3B on April 22, while spot ETFs recorded a net outflow of -$1.845B. This suggests that the rally was caused by a short squeeze in the futures market, rather than demand from spot investors.
The analysis also notes that after the high, Bitcoin's price declined towards $78,200, indicating that the momentum had faded due to both spot selling and derivatives reducing exposure.