Bitcoin Boosts in April Amid Mixed Signals
According to Cryptoquant, a cryptocurrency data analytics firm, Bitcoin experienced a significant rise in April, although the overall trend could be unstable.
The cryptocurrency surged by 12.7% during the month, marking its best performance since April 2025, following five months of losses. There was a modest increase of nearly 2% in March. Ether also rose by 8%, celebrating its second consecutive month of gains, achieving the best results since August.
Despite these increases, CryptoQuant pointed out that perpetual futures—crucial for leveraged cryptocurrency trading—were primarily the motive behind this rally. Interestingly, the demand measure they track, which monitors changes in outright Bitcoin purchases over the past 30 days, stayed negative throughout April, even as futures demand surged.
Julio Moreno, CryptoQuant’s head of research, noted that such conditions often raise alarm bells. They imply price increases driven more by speculation than solid fundamentals. “This divergence,” Moreno remarked in a report, “indicates that the price rises result from leverage, not new coin acquisition. Historically, configurations like this lack the structural support necessary for sustained price gains and usually lead to corrections when futures positions unwind.”
April’s performance illustrates a shifting landscape for crypto exchanges, emphasizing the increasing role of crypto derivatives like perpetual futures, while spot trading appears to be offering less reliable returns. Spot trading, which was foundational for early crypto platforms, now faces challenges tied to the cycles of continuous accumulation that aren’t consistently present.
As of 2026, the demand for cryptocurrencies seems reactive and unpredictable. Price shifts are closely aligned with broader market trends, influenced by changes in U.S. interest rate expectations and sporadic geopolitical tension, rather than ongoing accumulation or demand from prospective buyers. The regulatory landscape has seen stagnation, especially regarding the CLARITY Act market structure bill.
Moreno pointed out that a similar trend—a rise in futures demand amidst decreasing spot demand—was evident at the beginning of the 2022 bear market, which led to a prolonged price decline. He cautioned that the current increase might carry downside risks if the overall market sentiment remains bearish.
During the previous downturn, aggressive interest rate hikes and systemic issues within the crypto sector played significant roles. This was also a time when financial institutions began to adopt Bitcoin more widely, alongside the introduction of spot Bitcoin ETFs and corporate accumulation strategies.
“This doesn’t imply that the lagging spot demand has caught up with futures,” Moreno emphasized. “Rallies characterized by this structure are typically self-limiting. If spot demand does not grow to support price elevations, the unwinding of futures positions tends to lead to corrections.”
In April, Bitcoin ETFs saw net inflows totaling $1.9 billion, raising their total worth to approximately $100.53 billion. Additionally, there was an increase of about 58,000 coins in holdings, valued at roughly $4.4 billion by month’s end.
After reaching a peak of about $79,500 in April, Bitcoin mainly saw declines for the remainder of the month. As of Friday, it was more than 2% higher in its first trading day of May, remaining just above 1% off its April high.
