CryptoQuant data suggests Bitcoin’s April rally was mainly fueled by perpetual futures demand rather than spot buying.
At the same time, spot demand actually declined, showing less real accumulation in the market.
This kind of imbalance means price movement may be more leverage-driven than supported by long-term buyers.
Historically, similar conditions have appeared in early phases of corrective or unstable market periods, such as 2022.
While this doesn’t confirm a trend reversal, it does highlight a fragile structure where momentum can shift quickly.
For now, the key factor to watch is whether spot demand returns to support price stability.