Bitcoin Coinbase Premium Turns Negative as Weekly Losses Hit $829M

Bitcoin showed weakening demand from U.S. investors as the Coinbase Premium Index dropped to -0.008, turning negative for the first time in three weeks. This indicator measures price differences between U.S. spot markets and global exchanges, and negative readings typically signal selling pressure from U.S.-based buyers. The negative signal persisted across hourly readings for 48 hours, aligning with Bitcoin’s recent price decline.

Bitcoin broke both trendline support and the $77,300 liquidity zone, linking the move directly to weakening spot demand. He added that volatility may intensify during the upcoming Federal Open Market Committee meeting window, with the $74,500–$75,500 range emerging as a key downside demand zone.

At the time of reporting $BTC surged above $77K.

Realized Losses Surge to $829 Million

Onchain data reinforced the bearish outlook. Weekly realized losses reached $829 million on a seven-day moving average, significantly exceeding the $566 million in realized profits. Net realized profit briefly turned positive on April 9 but reversed within two weeks, reflecting fading investor confidence.

Additionally, only 64% of Bitcoin supply remains in profit, a level historically associated with weaker upside momentum and reduced holder conviction despite recent price rebounds.

Binance Sell Pressure Intensifies

Derivatives market activity also signaled strong selling pressure. According to analyst Amr Taha, cumulative net taker volume on Binance dropped by $828 million over 24 hours on April 27, marking the lowest reading since late March.

Negative net taker volume indicates that sell orders are exceeding buy orders. The Binance taker buy/sell ratio also fell to 0.89, a level last seen on March 29—when Bitcoin tested $66,000 before rebounding roughly 15% over the following month.

Short-Term Capitulation Risk

Current market readings place Bitcoin near prior exhaustion zones. Taha described the setup as resembling short-term capitulation rather than a full trend breakdown, suggesting that while downside pressure remains strong, the market could approach a temporary bottom if selling momentum becomes exhausted.