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 flipped 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 a local high of nearly $78,000. The premium peaked around April 22 and has been declining ever since. 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 means that holders sold coins at a loss, having originally bought them at higher prices. According to CryptoQuant analyst Axel Adler Jr., the sellers likely entered the market between $80,000 and $95,000 in late 2025 and early 2026, using the April bounce as an exit opportunity rather than a reentry point. The combination of these two datasets suggests that US institutional buyers are slowing their purchases through Coinbase, while holders are increasing 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 underwater supply is cleared. The reading has already dropped from its April 24 peak to $4.7 billion by April 28, indicating that the seller cohort is diminishing.