BTC Faces $829M Weekly Losses as Coinbase Premium Index Shifts to Negative Territory
For the first time in three weeks, the Coinbase Premium Index has entered negative territory, mirroring declining demand in the US spot market and Bitcoin's price decline.
The Coinbase Premium Index for Bitcoin (BTC) has dropped into negative territory at -0.008, marking the first occurrence in three weeks and indicating a substantial decline in demand from the US spot market, which corresponds with the current downward movement in BTC's price. Throughout the following 48 hours, hourly measurements maintained this signal, demonstrating persistent selling pressure originating from buyers based in the United States. This development arrives as the weekly net average of realized BTC losses surged to $829 million, pointing toward diminished confidence among investors.
Cryptocurrency trader Ardi identified a breakdown in both the trendline support level and the liquidity zone at $77,300. The trader connected this movement to declining spot demand, observing that the premium has registered back-to-back red readings for the first time since BTC traded around $67,000.
According to Ardi, price movement throughout the Federal Open Market Committee (FOMC) meeting period may continue to experience volatility, with swift fluctuations possible in both directions. Market participants might concentrate on the $74,500–$75,500 range as a critical downside zone associated with demand depletion.
Supporting this perspective, onchain data provides additional evidence. Cryptocurrency analyst Darkfost observed that weekly realized losses climbed to $829 million on a seven-day moving average, in contrast to $566 million in realized gains. The net realized profit experienced a brief positive turn on April 9, before reversing course within a two-week period.
The proportion of supply currently in profit remains at 64%, a threshold that historically has not provided support for sustained upward momentum. This suggests weakening conviction among holders notwithstanding the recent price rebound.
Binance records $828 million in Bitcoin sell volumes
Data from the derivatives market reveals substantial selling activity occurring on Binance. Cryptocurrency analyst Amr Taha observed that the 24-hour cumulative net taker volume declined by $828 million on April 27, representing the lowest measurement recorded since late March.
When net taker volume enters negative territory, it signals that sell orders in the market are outpacing buy orders. The taker buy/sell ratio on Binance has additionally decreased to 0.89, a level previously seen on March 29.
That previous measurement coincided with a local turning point when Bitcoin tested the $66,000 level, subsequently rallying by 15% throughout the following 30 days.
The present readings position both metrics back in proximity to previous exhaustion zones. Taha characterized the current setup as resembling a short-term capitulation event rather than a larger breakdown in the overall trend.