Bitcoin surged in April, but weak buyer demand makes the rally vulnerable

Chesnot | Getty ImagesBitcoin surged in April, but its run could be on shaky ground, according to crypto data provider CryptoQuant.The flagship crypto coin gained 12.7% for the month, registering back-to-back monthly gains and its best month since April 2025. It eked out a nearly 2% gain in March, following five consecutive down months. Ether gained 8% in the same period, also its second up month in a row and best month since August.Perpetual futures — the dominant source of leveraged crypto trading activity — was the "sole driver" of the rally, however, according to CryptoQuant. The firm's apparent demand metric, which tracks the 30-day change in outright purchases of bitcoin, stayed negative throughout April while futures demand rose.The two trends combined are often a warning sign, according to Julio Moreno, head of research at CryptoQuant. They suggest the upward price action is fueled by speculation rather than fundamentals. "This divergence – rising futures demand alongside contracting spot demand – suggests price appreciation is driven by leverage rather than fresh coin accumulation," Julio Moreno, head of research at CryptoQuant, said in a report Thursday. "Historically, such configurations lack the structural foundation required to sustain price gains and typically resolve via