CryptoQuant says bitcoin’s April price surge was ‘speculative’ as spot demand remains weak, warns of correction risk
The Block
CryptoQuant warns that Bitcoin's recent price rally is driven by speculative futures demand rather than spot accumulation, indicating potential correction risks.Summary
Onchain analytics firm CryptoQuant reports that Bitcoin's 20% price increase in April was a "speculative rally" fueled by perpetual futures demand rather than sustainable spot market buying. According to head of research Julio Moreno, the contraction in spot demand alongside rising futures leverage creates a fragile structure historically prone to corrections. The firm's Bull Score Index has also dropped back into bearish territory, suggesting that without a shift toward positive spot demand, the current price levels lack the necessary support to maintain momentum.
(Source：The Block)