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

TLDR: Bitcoin surged to $79,447 on April 22 as futures Open Interest expanded by nearly $3 billion. Spot Bitcoin ETFs recorded a net outflow of $1.845 billion on the same day BTC hit its peak. Open Interest fell from $27.56B to $25.26B between April 22 and 24, confirming position unwinding. Dual pressure from spot ETF [...]

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