Bitcoin’s (BTC) price declined as the Coinbase Premium Index, a key gauge of U.S. spot demand, turned negative for the first time in three weeks. The move suggests weakening conviction from American investors, a trend supported by on-chain data showing net realized losses topped $829 million over the last seven days.
Data from CryptoQuant highlighted the break in spot demand, with crypto trader Ardi noting the premium has posted consecutive red readings for the first time since Bitcoin traded near $67,000. "Price action during the Federal Open Market Committee (FOMC) meeting window could remain volatile," Ardi said, pointing to the $74,500–$75,500 range as a key area of interest.
The weakening demand is visible across multiple on-chain metrics. Weekly realized losses hit $829 million on a seven-day average, a sharp contrast to the $566 million in realized profits over the same period, according to CryptoQuant analyst Darkfost. Further, the share of Bitcoin's supply in profit stands at 64 percent, a level that has not historically sustained major price rallies. Sell-side activity on derivatives exchanges is also elevated; analyst Amr Taha observed that cumulative net taker volume on Binance fell by $828 million on April 27, its lowest point since late March.
The current readings on metrics like the taker buy/sell ratio, now at 0.89, mirror levels seen during the late-March pivot when Bitcoin tested $66,000 before recovering 15 percent. Taha described the current setup as being closer to a short-term capitulation than a larger breakdown of the market trend. The data suggests that while immediate buying pressure has faded, the market may be approaching an exhaustion point for sellers.
This article is for informational purposes only and does not constitute investment advice.
