- BTC’s latest rally is being driven mainly by perpetual futures while spot demand stays muted.
- ETF inflows and short liquidations backed BTC, but spot demand still trailed the recent rise.
- CryptoQuant data shows April futures demand rose as spot demand stayed below zero for BTC.
Bitcoin’s latest advance has taken on a more speculative profile as futures demand drives the move while spot demand still contracts, according to CryptoQuant data shared by Head of Research Julio Moreno. The chart, published today, tracked 30-day cumulative demand growth across spot and perpetual futures alongside BTC price.
It showed leveraged traders lifting the market higher while outright spot buyers remained less active, even as that weakness eased slightly. The divergence appeared as BTC approached $80,000 after a weekly gain of about 4.18%. The token’s price reached nearly $79,500 before easing to about $77,777.
Source: X
Moreno also pointed to a similar setup in January, when strong perpetual futures activity helped push Bitcoin toward $98,000. However, that earlier rally later lost momentum, placing fresh attention on whether the current move has enough support from spot accumulation.
Perpetual Futures Drive BTC Higher as Spot Buying Remains Weak
The CryptoQuant chart used blue bars to show perpetual futures demand and pink bars to show spot demand. Into April, futures demand turned sharply positive while spot demand stayed below zero.
That gap suggested Bitcoin was rising faster than the underlying spot accumulation improved. This market structure matters, as rallies led by perpetual futures can be more sensitive to reversals.
Essentially, according to Moreno, profit-taking during weak spot demand can leave the market with less support. That can increase correction risk after a sharp move higher. In this case, the concern came from the imbalance between leveraged demand and slower spot participation.
ETF Inflows, Sentiment Shift, and Short Liquidations Support the Advance
Meanwhile, broader market data showed sentiment improved as BTC extended its rebound. The CMC Crypto Fear & Greed Index climbed 31 points from April’s low of 28 to 59. That marked its second-highest reading in more than six months, behind only last Friday’s 62. The shift showed traders moved away from deep fear as the market stabilized.
Other figures showed stronger institutional participation. BTC ETF inflows reached $1.32 billion in March and $1.87 billion in April after four straight months of broader outflows. These inflows reflected increased institutional interest despite recent price swings. At the same time, liquidation data showed more pressure on bearish positions than bullish ones.
Source: SoSoValue
On the previous day, BTC saw more than $183 million in short liquidations compared with $13.98 million in long liquidations. On the following day, short liquidations reached $87.53 million while longs totaled $35.79 million. The pattern showed shorts were squeezed as BTC’s price moved higher.
Even so, the main demand split remained unchanged, with futures leading the rally and spot demand still below zero. For now, however, ETF inflows, improving sentiment, and continued short liquidations show the rally still has support, even as the demand imbalance keeps correction risk in focus.
Related: Bitcoin Reclaims $78K as Analysts and Premium Data Turn Bullish
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