Analysis: The recent rise in Bitcoin prices has been driven by demand for perpetual contracts, while spot demand continues to shrink.

CoinFeed reported on April 23 that Julio Moreno, Head of Research at CryptoQuant, analyzed on the X platform that the recent surge in Bitcoin prices is entirely driven by demand from the perpetual contract market, while spot demand continues to shrink (albeit at a slower pace). A similar situation occurred when Bitcoin reached $98,000 in January of this year. If traders begin to take profits and spot demand continues to shrink, there is a risk of a market correction.