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 had consistently been positive from April 8 to April 22, during which time Bitcoin's price rose from $66,000 to nearly $78,000, peaking on April 22 before declining.
The premium's negative reading suggests that American investors are now paying less for Bitcoin than the rest of the world, indicating either increased selling or reduced buying activity. On-chain data supports this narrative, with the 7-day sum of Bitcoin Realized Loss reaching $5.97 billion on April 24, as Bitcoin traded near $78,000. This realized loss occurs when holders sell their coins below the original purchase price. The recent spike in realized losses, nearing $6 billion, implies that sellers had purchased Bitcoin at higher prices, likely between $80,000 and $95,000 in late 2025 and early 2026.
They seem to be using the April price bounce as an opportunity to exit rather than re-enter the market. The combination of these datasets indicates that US institutional buyers are slowing their purchases via Coinbase, while holders are increasing their selling activity. As of the latest update, Bitcoin was trading around $76,000. Traders are now 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 of $5.97 billion to $4.7 billion by April 28, suggesting that the seller cohort is diminishing.