Bitcoin Derivatives Buyers Dominate for Two Months

Bulls have controlled Bitcoin perpetual futures for two months straight, according to pseudonymous analyst Darkfost.

The analyst posted on X on April 25th that Net Taker Volume — a CryptoQuant metric tracking whether takers are aggressively buying or selling perpetual futures — has stayed positive since March 7. The smoothed monthly figure reached ₱8.81 billion ($145 million), signaling sustained buying pressure in the derivatives market. Darkfost said whenever this metric shifts from dominant selling pressure and extremely negative sentiment to renewed buying pressure from the bulls, Bitcoin's price has consistently reacted with an upside move.

Bitcoin began climbing in the first week of March. The rally accelerated in recent weeks, with last week marking the largest gains in over three months. Bitcoin crossed $79,000 before pulling back to $77,508 at the time of writing.

Darkfost said the prolonged strength of buy volume suggests the current trend could continue, potentially pushing the price toward the $80,000 target. The $80,000 region has proven to be a strong resistance level over the past few days.

The derivatives market often signals where spot prices are headed. When takers — traders who execute market orders — consistently buy perpetual futures contracts, they're betting on higher prices and willing to pay funding rates to hold long positions. That buying pressure typically translates into spot price gains within days or weeks.

Bitcoin's derivatives buying pressure has now lasted roughly two months, one of the longest stretches since early 2025.