The upward momentum in Bitcoin prices driven by US demand in April is losing steam. The Coinbase Premium, which measures the difference in Bitcoin prices between Coinbase and offshore exchanges, has turned negative for the first time since early April, according to CryptoQuant data. This metric had been consistently positive from April 8 to April 22, during which time Bitcoin prices rose from $66,000 to nearly $78,000.
The premium peaked around April 22 but has been declining since. As Coinbase is often used as a proxy for US institutional and dollar-denominated flows, a persistent negative reading suggests that American investors are now paying less than the rest of the world, indicating either more aggressive selling or a lack of participation.
On-chain data supports this narrative, with the 7-day sum of Bitcoin Realized Loss spiking to $5.97 billion on April 24 as Bitcoin traded near $78,000. This realized loss occurs when holders sell coins below their original purchase price. The significant spike near $6 billion at $78,000 implies that sellers were buyers at higher prices, likely between $80,000 and $95,000 in late 2025 and early 2026, using the April bounce as an exit opportunity rather than a reentry point, as noted by CryptoQuant analyst Axel Adler Jr. The combination of these datasets indicates that US institutional buyers are slowing their purchases through Coinbase, coinciding with increased selling activity by holders.
With Bitcoin recently trading around $76,000, traders are watching to see if the Realized Loss metric continues to decrease as the supply of underwater coins is cleared. The reading has already dropped from its April 24 peak to $4.7 billion by April 28, suggesting the seller cohort is diminishing.