Headline: Bitcoin rally hits the brakes — key on-chain and exchange signals turn bearish Bitcoin’s late-Sunday push toward $79,400 has stalled and the market is starting to show signs of short-term fatigue, with several indicators now pointing toward potential weakness as BTC drifts back toward the $77,000 area. Coinbase premium flips negative: According to Coinglass data, the Coinbase premium index slipped to -0.04% — the first negative reading since April 8. That ends a 14-day streak of positive readings (the longest run since October) that had signaled steady demand from U.S. investors and helped drive BTC from roughly $66,000 to $79,000. The index measures the price gap between Coinbase (a U.S.-focused venue used heavily by institutions) and offshore exchanges such as Binance. A shift into negative territory typically indicates U.S. buyers are no longer leading the move, leaving price action more dependent on offshore flows and often coinciding with pullbacks or consolidation. Whale exposure still near cycle peak: A large Bitfinex whale — closely watched for directional influence — remains near peak cycle long exposure, holding about 79,342 BTC versus its prior high of roughly 80,100 BTC. Historically this entity adjusts holdings around major market inflection points, either trimming after a local bottom is confirmed or when clear upside momentum appears. That sustained high exposure alongside the recent stall suggests limited immediate upside and raises downside risk. Short-term holders still underwater: BTC failed to reclaim the short-term holder realized price (STHRP) at about $79,200. The STHRP is the average on-chain acquisition cost for coins held fewer than 155 days, a group that tends to react quickly to price swings. The longer price remains below this level, the greater the incentive for recent buyers to sell, which can amplify downward pressure. Conference tailwinds fading: The flagship Bitcoin conference has kicked off, but earlier gains tied to the event have already started to fade. Historically, rallies into large industry conferences have sometimes given way to short-term retracements once the headline momentum dissipates. Bottom line: Multiple, independent signals—the negative Coinbase premium, elevated whale exposure, failure to reclaim the STHRP and waning conference-driven strength—are converging to suggest the recent rally may be running out of steam. Traders will likely watch these metrics closely for confirmation of a pullback or signs of renewed buying interest. Read more AI-generated news on: undefined/news