Bitcoin Coinbase Premium Index Turns Negative As Net Taker Volume Falls By $829M

The Bitcoin Coinbase Premium Index has turned negative for the first time in three weeks, signaling a significant decrease in US spot market demand and correlating with Bitcoin's recent price drop. This negative trend, observed over 48 hours, suggests consistent selling pressure from US buyers. Concurrently, the average weekly realized losses for Bitcoin have surged to $829 million, indicating diminished investor confidence. Technical analysis points to a break in trendline support and a key liquidity zone, with the premium showing consecutive negative readings not seen since Bitcoin was around $67,000. Analysts suggest potential volatility around FOMC meetings and identify $74,500–$75,500 as a critical demand exhaustion area. On-chain data further supports this, with weekly realized losses outpacing profits. The share of Bitcoin supply in profit is at 64%, a level historically not conducive to sustained upward price movement. Additionally, derivatives data from Binance shows strong sell-side activity, with a $828 million drop in cumulative net taker volume on April 27, the lowest since late March. This negative net taker volume signifies more sell orders than buy orders, and a falling taker buy/sell ratio suggests a market nearing a short-term capitulation rather than a major trend breakdown.

(Source：Cointelegraph)