CryptoQuant's report points out that Bitcoin rose from $66,000 to $79,000 in April 2026, mainly driven by demand for perpetual contracts, while spot demand continued to shrink throughout the rally. The divergence between price increases and weakening spot demand suggests that this round of market movement leans towards speculation, lacking fundamental support. Its structure is similar to the early stages of the 2022 bear market, indicating downside risks. Meanwhile, Bitcoin has pulled back from its peak to around $75,000, and CryptoQuant's bull-bear indicator has dropped from 50 to 40, re-entering bearish territory. https://(wublock123.com)/news/cryptoquant-bitcoin-april-rally-fueled-by-futures-spot-demand-shrinks-60407