Bitcoin is repeating a 2022 pattern – and this time we’re missing the buyers for what came next

CryptoQuant’s latest Apr. 30 read shows that perpetual futures are driving Bitcoin’s recovery, while spot demand is still shrinking. That is the same market structure seen during the 2022 bear market rallies, when leverage-driven rebounds gave way to fresh downside. Spot buying through exchanges, ETFs, or direct on-chain accumulation represents committed capital. At the same time, perpetual futures allow traders to t…