The upward momentum in Bitcoin prices driven by US investors 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 consistently been 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 declined since then.
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 buying interest. 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 is only recorded when holders sell their coins below the original purchase price. The recent spike near $6 billion at $78,000 implies that the sellers were buyers at higher prices, likely between $80,000 and $95,000 in late 2025 and early 2026, and are now using the April bounce as an exit opportunity rather than a re-entry point.
CryptoQuant analyst Axel Adler Jr. notes that the combination of these datasets indicates US institutional buyers are slowing their pace on Coinbase while holders increase their selling activity.
With Bitcoin recently trading around $76,000, traders are watching to see if the Realized Loss metric will continue to decline as the supply of underwater coins is cleared. The reading has already decreased from its April 24 peak to $4.7 billion by April 28, suggesting the seller cohort is diminishing.