Key Takeaways:
Cryptoquant data shows bitcoin’s April 2026 rally from $66K to $79K was driven entirely by perpetual futures demand, with zero spot support. Bitcoin’s Cryptoquant Bull Score dropped from 50 to 40 by month’s end, signaling deteriorating onchain fundamentals after the speculative run. Cryptoquant researchers warn that the current demand pattern mirrors 2022’s bear market onset, putting $79K resistance at risk of further rejection. Bitcoin Futures Traders Pushed BTC to $79K While Spot Demand Stayed Negative, Data ShowsThe analyst’s phased breakdown of demand data makes the dynamic hard to dispute. Each phase of April’s rally showed higher perpetual futures demand alongside negative spot apparent demand. This was not a case of spot buyers lagging behind and catching up. Spot demand actively contracted as futures activity climbed.
Cryptoquant market strategists note that rallies with this structure tend to be self-limiting. Without fresh spot demand to absorb elevated prices, the unwind of futures positioning becomes the primary driver of the next decline.
Cryptoquant analysts conclude that without a reversal in apparent demand from negative to positive territory, any push back toward the $79,000 local peak will lack the on-chain support needed to produce a sustained breakout.
The data does not guarantee a repeat of 2022’s prolonged downturn, but Cryptoquant makes clear the current demand structure matches the historical profile of price fragility, not accumulation.
