Bitcoin’s recent price gains appear to be a “speculative rally” rather than fundamental buying support, increasing the risk of a correction, according to onchain analytics firm CryptoQuant.

Bitcoin rose about 20% in April, from around $66,000 to as high as $79,000. However, this rally was driven mainly by growth in perpetual futures demand, while spot demand remained negative throughout the period, CryptoQuant said.

“Perpetual futures demand was the sole driver of bitcoin’s April price rally, while spot apparent demand contracted throughout, a configuration historically associated with unsustained price gains during bear markets,” CryptoQuant’s head of research, Julio Moreno, wrote in a report.

This divergence, with rising futures demand alongside contracting spot demand, is one of the clearest onchain signals that the rally is speculative rather than structural, Moreno said, noting that it suggests the price rise is driven by leverage rather than fresh bitcoin accumulation.

“Historically, such configurations lack the structural foundation required to sustain price gains and typically resolve via correction once futures positioning unwinds,” Moreno said.

Mirroring the pattern of the 2022 bear market?

CryptoQuant said the current demand pattern driven by perpetual futures is similar to what was seen at the start of the 2022 bear market, noting that while this does not guarantee the same outcome this time, the current structure carries “meaningful downside risk.”

The divergence suggests that the rally is “not sustainable” and that sustained price rallies during a bull market coincide with demand growth. “Without a reversal in apparent demand from negative to positive, rallies back toward the $79,000 local peak will lack the onchain support needed for a sustained breakout,” the firm said.

The CryptoQuant Bull Score Index also declined from 50 to 40 in April, returning to bearish territory below the neutral threshold, the firm said, noting that this confirms onchain fundamentals deteriorated after the recent speculative futures-driven price rally.

“The Bull Score of returning back to 40 indicates conditions are ‘getting bearish’ and places the market in the same range that historically preceded continued price weakness,” the firm concluded. The CryptoQuant Bull Score Index aggregates multiple onchain and market indicators into a 0–100 scale. A score above 50 indicates bullish conditions and below 50 indicates bearish conditions.

Bitcoin is currently trading at around $78,500, nearly flat over the past 24 hours

Ref: http://www.paykalken.com

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Binance says crypto adoption is moving beyond trading toward payments, yield, tokenized assets, and AI. The company cited stablecoin supply above $320 billion and monthly on-chain volume of $7.2 trillion.

Binance Sees Crypto Growth Beyond Trading

Crypto’s next major adoption wave is moving beyond exchanges and into everyday financial use. Binance detailed in an April 29, 2026, blog post that payments, yield products, tokenized assets, artificial intelligence (AI), and community features are expanding digital finance’s reach. Its core argument is that many future users may enter crypto through utility, not spot or derivatives trading.

The firm stated:

“The next billion users, and then three billion and more, will arrive through payments, yield products, on-chain services, tokenized traditional assets, or community-led discovery in addition to crypto trading.”

The post framed that shift as more realistic because several crypto-linked markets are expanding at the same time. Stablecoin supply has risen above $320 billion, while monthly on-chain volume reached $7.2 trillion. Tokenized real-world assets have passed $25 billion, creating more overlap between digital asset platforms and broader financial services.

Integrated Platforms Could Expand Crypto Utility

On social media platform X, Binance stressed that crypto’s next chapter is bigger than trading. It described its super app vision as a structure built around four connected layers: intelligence, community, growth, and foundation.

Crypto’s Next 2 Billion Users Won’t Come From Trading Alone, Binance Explains

The blog post also pointed to a wider market opportunity, with global financial services near $36 trillion, payments at $788 billion, social platforms at $208 billion, and crypto exchanges around $55 billion. That comparison shows why Binance views adjacent financial services as a much larger growth path than exchange activity alone.

That strategy centers on a unified platform instead of a collection of separate products. The intelligence layer includes AI-driven analysis, insights, and execution support. The community layer includes Binance Chat and Binance Square for discovery, learning, and discussion. The growth layer covers earning, borrowing, payments, and financial utility through Binance Earn and Binance Pay. The foundation layer includes the exchange, payments, and on-chain services. The firm stressed: “This is one of the biggest reasons we believe the next billion users will come through integrated platforms rather than isolated products.”

On X, Binance Chief Executive Officer Richard Teng shared that products built on crypto rails are scaling. He pointed to more than $25 billion in on-chain real-world assets, about 741 million global crypto users in 2025, and weekly app usage nearly tripling from 2023 levels.

Crypto’s Next 2 Billion Users Won’t Come From Trading Alone, Binance Explains

“We expect that as multi-function integration becomes mainstream across the industry, total crypto users could grow rapidly from ~700 million today to around 2 billion by 2030,” Binance added. The company’s longer-term target extends beyond that milestone, stating:

“Binance’s vision of 3 billion users is ambitious, as it should be. Reaching that scale will require financial products that meet people where they are and help them do more once they arrive.”

“We believe the path forward lies in integration. When AI, community, trading, payments, and on-chain infrastructure work together, finance becomes easier to access and more useful to a much broader set of users,” the company concluded.

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