Bitcoins (BTC) The Coinbase Premium Index turned negative at -0.008 for the first time in three weeks, signaling a sharp reduction in demand from the US cash market and aligning with the current decline in BTC prices. The signal held throughout hourly readings over the next 48 hours, showing consistent selling pressure from US-based buyers. This change comes as BTC’s weekly average net loss rose to $829 million, suggesting reduced investor conviction.
Coinbase Premium Bitcoin Index. Source: CryptoQuant
Ardi, cryptocurrency trader highlighted a breakout of both trendline support and the $77,300 liquidity zone. The trader linked the move to weakening spot demand, noting that the premium posted back-to-back red readings for the first time since BTC was near $67,000.
Ardi said price action during the Federal Open Market Committee (FOMC) meeting window could remain volatile, with rapid movements in either direction. Traders could focus on the $74,500-$75,500 range as a key bearish zone related to demand depletion.
Onchain data adds to this view. Crypto Analyst Darkfost note that weekly realized losses reached $829 million over a seven-day average, compared to $566 million in realized profits. Realized net profit briefly turned positive on April 9, then reversed itself within two weeks.
Net profit/loss made on Bitcoin [USD] 7DMA. Source: CryptoQuant
The share of supply in profit stands at 64%, a level which has not historically supported a sustained increase. This indicates lower conviction among holders despite the recent rebound.
Related: Bitcoin Price Hits One-Week Low As $100 Oil Sparks New Asian Crisis Fears
Bitcoin Sales Volumes at Binance Reach $828 Million
Derivatives data shows strong selling activity on Binance. Amr Taha, crypto analyst note that cumulative 24-hour net taker volume fell by $828 million on April 27, the lowest figure since late March.
Cumulative net volume of BTC takers on Binance. Source: CryptoQuant
A negative net taker volume indicates that the market’s sell orders exceed its buy orders. Binance’s taker buy/sell ratio also fell to 0.89, a level last seen on March 29.
This earlier reading matched a local pivot when Bitcoin tested $66,000 and then recovered 15% over the past 30 days.
Current readings place both measurements near previous areas of depletion. Taha described the pattern as closer to a short-term capitulation than a broader trend breakout.
Related: Can Bitcoin Reach $250,000 This Year? Traders say it may be time to ‘sell in May’
