$BTC is flashing a warning sign.
The Coinbase Premium has turned negative, suggesting weaker U.S. spot demand, while realized losses have surged to around $600M, showing that some holders are selling at a loss.
This does not confirm a crash, but it does mean short-term pressure is rising.
Key things to watch next:
Can the Coinbase Premium turn positive again?Will realized losses cool down quickly?
Without U.S. demand returning, BTC may struggle to regain strong upside momentum