[Julio Moreno: Bitcoin's April Surge Driven by Perpetual Futures Demand] According to CryptoQuant's Head of Research Julio Moreno, Bitcoin's price increase in April was primarily driven by demand for perpetual futures contracts, while spot demand continued to shrink. This structure typically appears during bear markets and is difficult to sustain upward momentum. He noted that this surge is more speculative in nature, driven by leverage rather than new capital inflows, and carries significant downside risk. CryptoQuant stated that the current demand structure is similar to the early stages of the 2022 bear market.