The Bitcoin (BTC) Coinbase Premium Index turned negative for the first time in three weeks at -0.008, signaling a acute reduction in demand in the US spot market and coinciding with the current decline in the BTC price. The signal continued in the hourly readings for the next 48 hours, showing continued selling pressure from US buyers. The change comes as BTC’s weekly average of net realized losses rose to $829 million, suggesting less investor confidence.
Coinbase Premium Bitcoin Index. Source: CryptoQuant
Cryptocurrency trader Ardi highlighted breaking both the trend line support and the liquidity zone at $77,300. The trader linked the move to weakening spot demand, noting that the premium saw consecutive red readings for the first time since BTC was trading near $67,000.
Ardi said price action during the Federal Open Market Committee (FOMC) meeting window could remain volatile and include quick moves in both directions. Traders could focus on the $74,500-$75,500 range as a key bearish area related to exhausted demand.
Onchain data complements this view. Darkfost cryptocurrency analyst excellent that weekly realized losses averaged $829 million over the seven days compared to $566 million in realized gains. Realized net profit briefly turned positive on April 9 and then reversed within two weeks.
Bitcoin Net Profit/Loss Realized [USD] 7DMA. Source: CryptoQuant
The share of supply in profit is 64%, which has not ensured sustainable growth in the past. This indicates weaker confidence among bondholders despite the recent rebound.
Related: Bitcoin Price Hits Weekly Low and $100 Crude Oil Sparks New Concerns About Crisis in Asia
Bitcoin sales volume on Binance reaches $828 million
Derivatives data shows forceful sell-side activity on Binance. Crypto analyst Amr Taha excellent that on April 27, cumulative 24-hour net audience volume fell by $828 million, the lowest reading since overdue March.
The total volume of net BTC recipients on Binance. Source: CryptoQuant
Negative net buyer volume indicates that market sell orders are exceeding buy orders. Binance’s buy/sell ratio also dropped to 0.89, a level last seen on March 29.
This earlier reading was in line with a local turning point when Bitcoin tested $66,000 and then surged 15% in the last 30 days.
Current readings place both indicators back near previous depletion zones. Taha described this setup as closer to a short-term capitulation than a larger trend break.
Related: Can Bitcoin hit 250k this year? dollars? Traders Say It May Be Time to ‘Sell in May’
