CryptoQuant: Bitcoin April Rally Driven by Futures

Onchain analytics firm CryptoQuant reported that Bitcoin rose roughly 20% in April, climbing from about $66,000 to a peak near $79,000.

The firm said growth in demand for perpetual futures contracts was the primary driver of that price increase, while apparent spot demand remained negative throughout the month.

Julio Moreno, head of research at CryptoQuant, wrote: “Perpetual futures demand was the sole driver of bitcoin's April price rally, while spot apparent demand contracted throughout, a configuration historically associated with unsustained price gains during bear markets.”

CryptoQuant noted the divergence — rising leverage in futures markets alongside falling spot demand — tends to reflect prices pushed by leveraged positions rather than by new long-term buyers. The firm added that the current pattern resembles what it observed at the start of the 2022 bear market.

CryptoQuant's Bull Score Index, which aggregates onchain and market indicators on a 0–100 scale, fell from 50 to 40 during April, moving below the 50 neutral threshold. A score below 50 indicates deteriorating onchain fundamentals, the firm said.

The report explained that perpetual futures are derivative contracts that let traders hold leveraged positions and are usually settled continuously. Spot demand reflects direct purchases of Bitcoin on exchanges and is commonly used to measure investor accumulation.

At the time of the report, Bitcoin traded near $78,500 and was largely unchanged over the prior 24 hours. CryptoQuant wrote that without a reversal in apparent spot demand from negative to positive, rallies back toward the $79,000 local peak would lack the onchain support needed for a sustained breakout.