Bitcoin Profit Taking Speeds Up Post Golden Cross, Hourly Cashouts Top $500M

Bitcoin

holders have elevated their profit-taking exercise because the cryptocurrency’s worth averages flashed a key bullish sign two weeks in the past.

BTC’s 50-day easy transferring common (SMA) crossed above its 200-day SMA on May 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, in line with information from TradingView. On the identical day, bitcoin’s worth hit a document excessive above $111,000, in line with CoinDesk information.

Still, holders are more and more locking in features somewhat than holding for additional upside, in line with on-chain information tracked by Glassnode.

“Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity,” Glassnode mentioned on X on Tuesday.

The entity-adjusted realized revenue represents the whole USD revenue of all cash which have been moved onchain, the place the worth at their final motion is decrease than the newest transaction worth.

The chart exhibits the profit-taking exercise has steadily elevated because the second half of May, topping the $500 million mark a number of occasions. That’s probably the most intense revenue taking operation since early February.

Other metrics, such because the entity-adjusted spent output revenue ratio (SOPR), recommend the identical. SOPR tracks the revenue stage of all moved cash throughout a given interval. It’s entity-adjusted model discards transactions between addresses of the identical entity, offering a dependable indicator of actual financial exercise.

“The recent ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit. Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway,” Glassnode mentioned in its weekly report.

The report added that profit-taking continues to be not as intense as seen throughout prior main price-topping patterns.

As of writing, BTC modified arms at $105,600 amid stories of President Donald Trump’s Truth Social platform transferring a step nearer to providing a bitcoin exchange-traded fund to on a regular basis buyers.