Bitcoin Profit Taking Speeds Up Post Golden Cross, Hourly BTC Cashouts Top $500M, Blockchain Data Show

Bitcoin BTC holders person accrued their profit-taking enactment since the cryptocurrency's terms averages flashed a cardinal bullish awesome 2 weeks ago.

BTC's 50-day elemental moving mean (SMA) crossed supra its 200-day SMA connected May 22, confirming a aureate transverse – a method indicator signaling bullish semipermanent momentum, according to information from TradingView. On the aforesaid day, bitcoin's terms deed a grounds precocious supra $111,000, according to CoinDesk data.

Still, holders are progressively locking successful gains alternatively than holding for further upside, according to on-chain information tracked by Glassnode.

"Entity-adjusted realized nett spiked supra $500M/hour 3 times successful the past 24 hours, signaling aggravated profit-taking activity," Glassnode said connected X connected Tuesday.

The entity-adjusted realized nett represents the full USD nett of each coins that person been moved onchain, wherever the terms astatine their past question is little than the latest transaction price.

The illustration shows the profit-taking enactment has steadily accrued since the 2nd fractional of May, topping the $500 cardinal people respective times. That's the astir aggravated nett taking cognition since aboriginal February.

Other metrics, specified arsenic the entity-adjusted spent output nett ratio (SOPR), suggest the same. SOPR tracks the nett level of each moved coins during a fixed period. It's entity-adjusted mentation discards transactions betwixt addresses of the aforesaid entity, providing a reliable indicator of existent economical activity.

"The caller ATH breakout has led to a notable uptick successful profits locked in, with the mean coin capturing a +16% profit. Fewer than 8% of trading days person been much profitable for investors, suggesting a meaningful modulation into profit-taking enactment is underway," Glassnode said successful its play report.

The study added that profit-taking is inactive not arsenic aggravated arsenic seen during anterior large price-topping patterns.

As of writing, BTC changed hands astatine $105,600 amid reports of President Donald Trump's Truth Social level moving a measurement closer to offering a bitcoin exchange-traded money to mundane investors.