Bitcoin April Rally Was Futures-Led, Not Driven by Spot Demand, Data Shows

On April 22 Bitcoin (BTCUSD) spiked to $79,447 in a move driven primarily by futures activity rather than spot buying, according to on-chain data. Open Interest in futures rose by nearly $3 billion ahead of the intraday high, triggering a short squeeze. At the same time, spot Bitcoin ETFs recorded a net outflow of $1.845 billion, indicating institutional money was leaving spot products during the peak. Subsequent futures position unwinding saw OI fall from $27.56B on April 22 to $25.26B by April 24, and price retreated toward the $77.4k area. The concurrence of large futures-driven buying and simultaneous spot outflows created a fragile top — the rally lacked sustainable spot demand and therefore stalled and reversed once derivatives positions were closed.