The US-driven rally in April is losing momentum. The Coinbase Premium, which measures the difference between the price of Bitcoin on Coinbase and offshore exchanges, has turned negative for the first time since early April, according to CryptoQuant data. This metric, often used as a proxy for US institutional investment and dollar-denominated flows, had been consistently positive from April 8 to April 22, during which time Bitcoin's price rose from $66,000 to nearly $78,000. However, the premium peaked around April 22 and has been declining since.
On-chain data reveals a similar trend, with the 7-day sum of Bitcoin Realized Loss surging to $5.97 billion on April 24, as Bitcoin traded near $78,000. This suggests that investors who bought at higher prices, likely between $80,000 and $95,000 in late 2025 and early 2026, are selling their coins, using the April bounce as an exit opportunity rather than a chance to re-enter the market.
As the underwater supply is worked through, traders are watching to see if the Realized Loss metric will continue to decline, with the reading already dropping to $4.7 billion by April 28, indicating a potential thinning of the seller cohort.