PANews 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.