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.
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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.
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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.
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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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