CryptoQuant: BTC rally no get spot demand as futures don hit record
CryptoQuant dey warn say di BTC rally fit weak and more speculative pass say e go sustainable. For April, BTC climb from about $66,000 to $79,000 (+~20%), but di weekly on-chain/futures data show say di move no get real spot support.
Di main divergence: perpetual futures open-interest demand reach record high, while di "visible demand" from 30-day on-chain spot buying remain negative whole month. CryptoQuant talk say dis spot vs futures imbalance dey increase risk of pullbacks and liquidation.
Derivatives conditions sef dey stretched: funding rates report negative (shorts dey pay). Bull Score fall from 50 to 40, turn back to bearish territory. Practically, traders fit see selling pressure continue until BTC spot visible demand turn positive again.
Technical context for di article point to mixed-to-bearish setup: BTC around $76.3k, RSI near 55–56 (neutral), sideways market structure, and bearish Supertrend signal. Levels wey dem flag include support near ~75.7k (risk below), possible downside test to ~71.95k if e breaks, and resistance near ~77.54k and ~79.42k.
Overall, di warning echo similar pattern wey show for 2022, when derivatives/spot divergence come before long ~70% drawdown.
(Keyword focus: BTC, spot demand.)
Bearish
CryptoQuant message na core dey bearish for BTC because di rally bin supported by derivatives positioning not by steady spot buying. Record perpetual futures open-interest stand against persistent negative 30-day on-chain spot visible demand, wey historically dey linked to fragile price action.
For short term, negative funding (shorts dey pay), falling Bull Score (50→40), and bearish Supertrend signal all point to more downside pressure and risk of liquidations—especially if BTC support around ~75.7k break.
For long term, unless BTC spot visible demand turn positive, market fit struggle to convert speculative leverage into durable spot-driven demand. The 2022-style setup wey CryptoQuant mention mean say prolonged drawdowns fit follow this kind of spot–futures divergence.