Bitcoin is repeating a 2022 pattern
Bitcoin Bitcoin is repeating a 2022 pattern 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 take directional exposure with borrowed capital, often at multiples of their collateral, without holding the underlying asset. When both forms of demand expand together, a rally tends to be self-reinforcing. When futures lead and spot lags, leveraged traders finance the bounce and face forced exits if the price moves against them. The 2022 comparison Several bear-market rallies in 2022 shared the same regime, with perpetual futures demand recovering before spot demand did. The price bounced, and leveraged positions came off as spot buyers proved too thin to absorb the selling. The bounces looked constructive, but each one resolved into the next leg lower. CryptoQuant charts show Bitcoin‘s April 2026 demand split, perpetual futures rising while spot contracts, mirrors 2022’s failed bear-market rally structure. CryptoQuant‘s chart places Bitcoin’s current April 2026 move back into a regime where spot contracts are contracting while