Bitcoin surged in April, but weak buyer demand makes the rally vulnerable
Bitcoin experienced a surge in April, reaching a high of about $79,500, but weak spot demand raises concerns about the sustainability of the rally. Trading activity remains dominated by perpetual futures, while spot trading and accumulation have weakened, making price gains vulnerable to corrections. Analysts warn that without growing spot demand or regulatory clarity, the current uptrend could reverse, similar to patterns seen before the 2022 bear market.
- ▪Perpetual futures, or 'perps,' are the dominant venue for crypto trading, liquidity, and price discovery.
- ▪Spot trading has become less reliable for steady revenue due to inconsistent buyer accumulation.
- ▪Net inflows into bitcoin ETFs reached $1.9 billion in April, and bitcoin treasury companies added about 58,000 coins.
- ▪Bitcoin's price declined after hitting an April high of $79,500, logging mostly lower lows for the remainder of the month.
- ▪Analyst Moreno warned that rallies driven by futures without spot demand growth tend to be self-limiting and prone to correction.
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The data also underscores the shifting environment for crypto exchanges and importance of crypto derivatives – which include perpetual futures and, increasingly, prediction markets.Perpetual futures, better known as "perps," continue to be the dominant venue for trading activity, liquidity and price discovery. At the same time, spot trading, which early crypto exchanges were built around, is becoming a less reliable engine for steady revenue because it depends on sustained accumulation cycles, which aren't always present.In 2026, crypto demand has been uneven and mostly reactive. Price action has been closely tied to the broader market – driven by shifting U.S.
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