After Bitcoin confirmed the golden cross, profit taking accelerated, with over 500 million dollars flowing out every hour.

Gate News bot message, since the key bullish signal was issued by the Bitcoin price average line two weeks ago, the profit pullback activity among Bitcoin holders has increased.

According to TradingView data, on May 22, Bitcoin’s 50-day simple moving average (SMA) broke above the 200-day simple moving average, confirming a golden cross, which is a technical indicator signaling a long-term bullish momentum. On the same day, the price of Bitcoin reached a new high of over $111,000.

Nevertheless, according to on-chain data tracked by Glassnode, holders are increasingly choosing to lock in profits rather than waiting for further rises.

Glassnode stated on platform X on Tuesday: “In the past 24 hours, the realized profit adjusted for entities has risen above 500 million dollars per hour three times, indicating that profit-taking activities are very active.”

The chart shows that since the second half of May, profit-taking activities have steadily increased, repeatedly breaking through the $500 million mark. This is the most intense profit-taking operation since early February. Other indicators, such as the entity-adjusted spending output profit ratio (SOPR), also indicate the same situation.

Glassnode stated in its weekly report: “Recently, the price of Bitcoin has broken through historical highs, with profit-taking significantly increasing, averaging a profit margin of 16% per Bitcoin. Only less than 8% of trading days have brought higher profits to investors, indicating that the market is undergoing a meaningful shift towards profit-taking activities.”

Source: CoinDesk