Coinbase Premium Negative First Time in 3 Weeks

Bitcoin's Coinbase Premium Index turned negative at minus 0.008 for the first time in three weeks, indicating a sharp decline in U.S. spot market demand that has coincided with recent price drops. The signal persisted across hourly readings for 48 hours, reflecting sustained selling pressure from U.S.-based buyers, according to data from CryptoQuant.

This shift aligns with broader on-chain indicators showing weakening holder conviction. The net weekly average of Bitcoin realized losses reached $829 million on a seven-day moving average, surpassing $566 million in realized profits. The metric had briefly turned positive on April 9 before reversing. Meanwhile, the share of Bitcoin supply held at a profit stood at 64 percent, a level that has not historically preceded sustained price gains.

Derivatives activity on Binance further underscored sell-side dominance. The exchange recorded $828 million in net taker sell volume over 24 hours ending April 27, the lowest reading since late March. The taker buy-sell ratio fell to 0.89, matching levels from March 29 when Bitcoin tested $66,000 before recovering 15 percent over the following month. Negative net taker volume shows sell orders...