CryptoQuant: April s Bitcoin Surge Driven by Speculation

CryptoQuant analysts have labeled the recent surge in Bitcoin s price from 66,000 to 79,000 as speculative, attributing it primarily to perpetual futures rather than spot demand, which remained negative throughout the month.
The divergence between price growth and declining spot interest indicates a speculative nature of the movement,
the analysts noted.
They drew parallels between the current demand structure and the beginning of the bearish phase in 2022, when a similar increase in derivatives volume was accompanied by a contraction in spot activity, leading to a prolonged correction for Bitcoin. As of now, Bitcoin s price has retreated from its local peak of around 79,000 to approximately 77,000, marking a nearly 12 increase for April the best performance since the beginning of the year, according to CoinGlass.
CryptoQuant s Bull Score has also dropped from 50 to 40, indicating a return to the bearish zone. Analyst Ignacio Moreno de Vicente highlighted the STH MVRV metric, which reflects the position of short-term Bitcoin holders. He pointed out that this indicator is forming a descending resistance line connecting three peaks: March 2024 at 72,000, November 2024 at 106,000, and July 2025 at around 120,000.