PANews reported on May 1st that, according to Cointelegraph, a CryptoQuant report shows that Bitcoin's approximately 20% surge in April was "entirely driven by increased demand for perpetual contracts," while spot demand continued to shrink throughout the rally, indicating that new buyers were speculative rather than driven by fundamental factors. CryptoQuant warns that the divergence between price increases and shrinking spot demand is one of the clearest on-chain signals that the price surge is speculative rather than structural. The current demand pattern is similar to the start of the 2022 bear market, when futures demand surged while spot demand declined, ultimately leading to a sustained price drop. The Bitcoin Bull/Bear Strength Index has fallen from 50 in April to 40, indicating that market sentiment is "tending towards bearishness."