The US-driven bid that fueled April's price surge 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 a local high of nearly $78,000.
However, the premium peaked around April 22 and has since declined. 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 paints a similar picture, 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, which occurs when coins are sold below their original purchase price, suggests that sellers were buyers at higher prices, likely between $80,000 and $95,000 in late 2025 and early 2026. They seem to be using the April bounce as an exit opportunity rather than a reentry point. The combination of these two datasets indicates that US institutional buyers are slowing their pace on Coinbase, while holders are increasing their selling activity. With Bitcoin recently 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 depleted.
The reading has already decreased from its April 24 peak to $4.7 billion by April 28, suggesting that the seller cohort is diminishing.