Bitcoin BTC holders have increased their profit-taking activity since the cryptocurrency's price averages flashed a key bullish signal two weeks ago.
BTC's 50-day simple moving average (SMA) crossed above its 200-day SMA on May 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, according to data from TradingView. On the same day, bitcoin's price hit a record high above $111,000, according to CoinDesk data.
Still, holders are increasingly locking in gains rather than holding for further upside, according to on-chain data tracked by Glassnode.
"Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity," Glassnode said on X on Tuesday.
The entity-adjusted realized profit represents the total USD profit of all coins that have been moved onchain, where the price at their last movement is lower than the latest transaction price.
The chart shows the profit-taking activity has steadily increased since the second half of May, topping the $500 million mark several times. That's the most intense profit taking operation since early February.
Other metrics, such as the entity-adjusted spent output profit ratio (SOPR), suggest the same. SOPR tracks the profit level of all moved coins during a given period. It's entity-adjusted version discards transactions between addresses of the same entity, providing a reliable indicator of real economic activity.
"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 said in its weekly report.
The report added that profit-taking is still not as intense as seen during prior major price-topping patterns.
As of writing, BTC changed hands at $105,600 amid reports of President Donald Trump's Truth Social platform moving a step closer to offering a bitcoin exchange-traded fund to everyday investors.
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