[Analysis: Recent Bitcoin surge driven by perpetual contract demand, spot demand continues to shrink] CryptoQuant Head of Research Julio Moreno posted an analysis on the X platform, stating that the recent rise in Bitcoin prices has been entirely driven by demand in the perpetual contract market, while spot demand continues to shrink (albeit at a slower pace). A similar situation occurred in January this year when Bitcoin rose to $98,000. If traders begin to take profits while spot demand continues to decline, the market faces a risk of correction.