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Coinbase Premium goes negative for first time since early April, with Bitcoin realized losses soaring to $5.97 bn, signaling waning U.S. demand.
Bitcoin’s Coinbase Premium slipped into negative territory this week, the first such reading since early April, as on‑chain data recorded realized losses of $5.97 bn on April 24 while price hovered near $78 k before easing to under $76 k【1】.
| At a glance | |
|---|---|
| Premium | –0.1% (negative) |
| Realized loss (7‑day sum) | $5.97 bn on April 24 |
| Bitcoin price | ~ $76 k (down from $78 k) |
| Catalyst | U.S. institutional buying via Coinbase fading |
The Coinbase Premium, a proxy for U.S. spot demand, had stayed positive from April 8‑22 as Bitcoin rallied from $66 k to a local high near $78 k. The metric peaked around April 22 and then rolled over, crossing into negative territory by the week of April 24【1】. Simultaneously, the Bitcoin Realized Loss 7‑day Sum spiked to $5.97 bn, indicating that holders who bought at higher prices (between $80 k and $95 k, according to CryptoQuant analyst Axel Adler Jr.) sold at a loss during the bounce【1】.
A negative premium means American investors are paying less than the rest of the world for Bitcoin, suggesting either more aggressive selling or reduced buying activity on Coinbase, the platform most linked to U.S. institutional flows【1】. The realized‑loss figure, near $6 bn at a price of $78 k, underscores that the cohort exiting the market entered at peak levels late 2025‑early 2026. By April 28 the loss metric had already fallen to $4.7 bn, hinting that the underwater supply may be thinning as sellers exhaust their positions【1】.
The negative Coinbase Premium, coupled with a near‑$6 bn realized loss spike, marks a clear shift in U.S. Bitcoin demand. Whether the underwater supply continues to unwind or new institutional inflows revive the premium remains the key question for the market’s near‑term trajectory.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 18, 2026 · How we report
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