Bitcoin's widely tracked Coinbase Premium turns negative as realized losses spike to $6 billion
CoinDesk
The Bitcoin Coinbase Premium has turned negative, reflecting fading U.S. demand alongside a $6 billion surge in realized losses.Summary
The Coinbase Premium, a key indicator of U.S. institutional demand for Bitcoin, has turned negative for the first time since early April. This shift suggests that American investors are selling more aggressively or withdrawing from the market. Concurrently, on-chain data reveals that realized losses reached nearly $6 billion as investors who purchased Bitcoin at higher prices between late 2025 and early 2026 used the recent price rebound to exit their positions. While selling pressure remains, the realized loss metric has begun to decline from its peak, indicating that the cohort of selling investors may be thinning.
(Source：CoinDesk)