Bitcoin's April Surge on Shaky Ground as Futures Demand Rises

Bitcoin's price surge in April has been fueled by perpetual futures, which have become the dominant source of trading activity in the cryptocurrency market. According to CryptoQuant, the firm's apparent demand metric for Bitcoin remained negative throughout April while futures demand rose.

The divergence between futures and spot demand is a warning sign, according to Julio Moreno, head of research at CryptoQuant. Historically, such configurations have lacked the structural foundation required to sustain price gains and typically resolve via correction once futures positioning unwinds.