Bitcoin Holders Ramp Up Profit-Taking Following Golden Cross Signal
Bitcoin investors are increasingly cashing in gains following a key bullish technical signal that emerged two weeks ago.
On May 22, Bitcoin’s 50-day simple moving average (SMA) crossed above its 200-day SMA—confirming what’s known as a “golden cross,” a classic indicator of long-term upward momentum. That same day, BTC surged to a record high above $111,000, according to CoinDesk data. It is now trading around $105,600.
But rather than holding out for further upside, many investors have begun locking in profits. On-chain data from Glassnode shows a significant spike in realized gains, signaling elevated selling pressure.
“Entity-adjusted realized profit exceeded $500 million per hour on three occasions in the past 24 hours,” Glassnode noted Tuesday on X, calling it a sign of “intense profit-taking activity.”
The metric reflects the total U.S. dollar profit realized when coins are moved on-chain at a higher price than their previous transaction. Importantly, it excludes internal transfers between addresses belonging to the same entity, giving a clearer picture of real economic behavior.
The data shows a steady rise in profit-taking since mid-May, with multiple spikes above the $500 million mark—levels not seen since early February.
Another key metric, the entity-adjusted Spent Output Profit Ratio (SOPR), supports the same conclusion. SOPR measures the average profitability of coins moved during a specific period. According to Glassnode’s latest weekly report, the average coin moved recently locked in a 16% gain, placing current conditions in the top 8% of the most profitable trading days historically.
“This signals a meaningful pivot toward profit realization,” the report stated, though it noted that the activity has not yet reached the intensity typically seen near major market tops.
The shift in sentiment coincides with new market developments, including news that Donald Trump’s Truth Social platform is advancing efforts to launch a Bitcoin ETF aimed at retail investors.
