Bitcoin's Coinbase premium turned negative for the first time in three weeks, with weekly losses reaching an average of $829 million.

CoinFeed reported on April 29th that, according to Cointelegraph, the Bitcoin Coinbase Premium Index turned negative for the first time in three weeks, reaching -0.008, indicating a significant weakening of demand in the US spot market. CryptoQuant analyst Darkfost stated that Bitcoin's seven-day average weekly realized loss has reached $829 million, while realized profit is $566 million. Net realized profit briefly turned positive on April 9th ​​but reversed again within two weeks. Darkfost also pointed out that on-chain data shows a profit supply ratio of 64%, a level that does not meet the historical standard for supporting sustained price increases. Trader Ardi stated that Bitcoin has broken below trendline support and the $77,300 liquidity zone, with market attention now focused on the key support range of $74,500 to $75,500.