Bitcoin (BTC) holders are showing a marked increase in profit-taking activities following a significant price movement that occurred two weeks ago. On May 22, Bitcoin's 50-day simple moving average (SMA) crossed above its 200-day SMA, a technical indicator known as a golden cross that indicates potential long-term bullish momentum. This event coincided with Bitcoin breaching a record high above $111,000.
Recent on-chain data from Glassnode reveals that holders are opting to lock in gains rather than continue holding for further upside. In the past 24 hours, the entity-adjusted realized profit has spiked above $500 million per hour three times, reflecting a high level of profit-taking activity. This metric measures the total USD profit from coins moved on-chain that have appreciated since their last transaction.
Glassnode explains that the increase in realized profit has been consistent since late May, indicating that this is the most aggressive profit-taking since February. Furthermore, metrics such as the entity-adjusted spent output profit ratio (SOPR), which analyzes the profit levels of moved coins, highlights a significant shift towards securing profits. According to their report, the average coin is reflecting a profit of about 16%, with only 8% of trading days historically being more profitable for investors.
Despite this uptick in cashouts, the report notes that the current level of profit-taking is still below that seen in previous significant price peaks. As of the latest updates, Bitcoin is trading at approximately $105,600, amidst speculation regarding President Donald Trump's Truth Social platform advancing towards offering a Bitcoin exchange-traded fund (ETF) to a broader market of investors.
Recent on-chain data from Glassnode reveals that holders are opting to lock in gains rather than continue holding for further upside. In the past 24 hours, the entity-adjusted realized profit has spiked above $500 million per hour three times, reflecting a high level of profit-taking activity. This metric measures the total USD profit from coins moved on-chain that have appreciated since their last transaction.
Glassnode explains that the increase in realized profit has been consistent since late May, indicating that this is the most aggressive profit-taking since February. Furthermore, metrics such as the entity-adjusted spent output profit ratio (SOPR), which analyzes the profit levels of moved coins, highlights a significant shift towards securing profits. According to their report, the average coin is reflecting a profit of about 16%, with only 8% of trading days historically being more profitable for investors.
Despite this uptick in cashouts, the report notes that the current level of profit-taking is still below that seen in previous significant price peaks. As of the latest updates, Bitcoin is trading at approximately $105,600, amidst speculation regarding President Donald Trump's Truth Social platform advancing towards offering a Bitcoin exchange-traded fund (ETF) to a broader market of investors.
