Was Bitcoin’s April Surge Speculative or Structural? CryptoQuant Offers Insights
The story
Based on historical data, rising futures demand alongside contracting spot demand is associated with unsustained price gains during bear seasons.
From the source
April ended with crypto" class="cross-link" data-cross="1">bitcoin (BTC) posting a 12% increase – the biggest such gain in a year. Although the asset had corrected slightly to $75,000 by the last day of the month, market participants wondered whether the rally was structural or speculative.
To that end, the market research firm CryptoQuant has offered insights into what drove the rally and the possibility of a similar trend in bitcoin’s price in May.
According to the latest CryptoQuant weekly report , demand from the perpetual futures market drove bitcoin’s price movement in April. At the same time, spot demand remained in contraction. This dynamic indicated the absence of organic buying during the surge, suggesting that leverage, rather than fresh coin accumulation, drove the price increase.
Who and what
Key names and topics in this story: Bitcoin, April Surge Speculative, Structural, CryptoQuant Offers Insights.
Where to follow next
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