CryptoQuant Warns Futures-Driven Bitcoin Rally Could Trigger Prolonged Pullback

Bitcoin spot buying represents direct demand for the asset, while perpetual futures allow traders to make leveraged price bets. A rally lacking spot demand is more vulnerable to reversal when positions are closed. CryptoQuant views this divergence as speculative rather than a structural advance and says the current pattern resembles the early stages of the 2022 bear market, with implications for price action over the coming months.

In an April 30, 2026 report, CryptoQuant said Bitcoin rose about 20% in April, climbing from $66,000 to a high of $79,000, even as spot demand contracted throughout the month. Bitcoin traded at about $77,000 on May 1. The firm's Bull Score Index fell from 50 to 40 over the same period, signaling weakening market conditions and warning of a pullback that could last for months.