PANews May 1 news, according to Cointelegraph, a CryptoQuant report shows that Bitcoin's approximately 20% rise in April was "entirely driven by the increase in perpetual contract demand," while spot demand continued to shrink throughout the rally, indicating that new buyers entered the market speculatively rather than based on fundamental factors. CryptoQuant warned that the divergence between rising prices and shrinking spot demand is one of the clearest on-chain signals that the price increase is speculative rather than structural. The current demand pattern is similar to when the bear market began in 2022, when futures demand surged while spot demand declined, ultimately leading to a sustained price drop. The Bitcoin bull-bear strength index has dropped from 50 in April to 40, indicating that market sentiment is "tending bearish."

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