The U.S.-driven surge in Bitcoin prices observed in April has begun to wane. Data from CryptoQuant indicates that the Coinbase Premium, which measures the price disparity between Coinbase (COIN) — predominantly used by U.S. customers — and overseas exchanges, turned negative this week for the first time since early April.
This metric maintained a positive trajectory from April 8 through April 22, coinciding with Bitcoin’s ascent from $66,000 to just below $78,000. However, following its peak around April 22, the premium has subsequently declined.
Coinbase is often used as an indicator of U.S. institutional and dollar-denominated trading activity. A sustained negative reading suggests that American investors are either offloading Bitcoin more aggressively or not participating in the market to the same extent as others globally.
Conversely, onchain data corroborates this trend from a different angle. The Bitcoin Realized Loss 7-day Sum, which records the total dollar value of coins sold at a loss across the network, surged to $5.97 billion on April 24 when Bitcoin was trading near $78,000.
A realized loss is recorded only when holders sell their holdings for less than their original purchase price. A near-$6 billion loss at a trading level of $78,000 implies that the sellers originally acquired their bitcoins at higher prices. According to a report by CryptoQuant analyst Axel Adler Jr., these investors likely bought in between $80,000 and $95,000 during late 2025 and early 2026, using the April rally as an opportunity to exit rather than re-enter the market.
These datasets suggest that U.S. institutional buying via Coinbase is slowing down at the same time that selling pressure from holders is increasing. Bitcoin was recently trading around $76,000. Observers are now monitoring whether the Realized Loss metric will continue its decline as the underwater supply diminishes. From a peak of $5.97 billion on April 24, this figure had reduced to $4.7 billion by April 28, indicating that the cohort of sellers is shrinking.