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 been consistently 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. As Coinbase is often used as a proxy for US institutional and dollar-denominated investment flows, a persistent negative reading suggests that American investors are now paying less than the rest of the world, either due to increased selling or decreased 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 indicates that sellers who bought at higher prices, likely between $80,000 and $95,000 in late 2025 and early 2026, are now selling at a loss. The decline in the Realized Loss metric, from $5.97 billion on April 24 to $4.7 billion by April 28, suggests that the selling pressure may be easing.