Analysts clarified the factors behind Bitcoin’s increase., 2026/05/04 10:44:21

The increase in Bitcoin’s value from $66,000 to $79,000 in April was primarily driven by trading in derivative instruments—bets on the asset’s price—according to analysts from the on-chain platform CryptoQuant.

The demand structure suggests a speculative nature behind Bitcoin’s rise, as stated by Julio Moreno, head of the research division at CryptoQuant. He identified perpetual futures as the main catalyst for the increase—tools that allow for price speculation using leverage. Buyer interest in the spot market remained negative throughout this period.

CryptoQuant analysts believe that the divergence between futures and spot demand is one of the key on-chain indicators of the asset’s speculative phase. In such conditions, growth is fueled by borrowed funds rather than accumulation by long-term holders of Bitcoin. Historically, such periods lack sustainable fundamental support for the asset. Following a reduction in positions in the derivatives market, prices typically face a correction.

Analysts at CryptoQuant drew parallels with the situation in 2022, when a similar demand structure preceded the onset of a bearish trend. Although the current dynamics do not guarantee a repeat of the four-year-old scenario, CryptoQuant analysts point to ongoing risks of price decline.

An additional signal of deteriorating market conditions was the decline in the Bull Score index, which assesses the likelihood of continued Bitcoin growth. In April, the index fell from 50 to 40 points, returning to the bearish zone. This reflects a weakening of fundamental factors and suggests that the recent increase is unlikely to persist over the coming months, according to CryptoQuant specialists.

Earlier, analysts from the cryptocurrency exchange Coinbase reported that in April, the cryptocurrency market entered a neutral phase: a clear trend is absent, and economic and political factors primarily influence the dynamics of the coins.