Bitcoin holders have become more active in taking profits as the cryptocurrency’s recent bullish signals unfold. Two weeks ago, Bitcoin’s 50-day simple moving average (SMA) crossed above its 200-day SMA, forming a classic golden cross—an indicator often seen as a sign of strong long-term bullish momentum. On that very day, Bitcoin surged past $111,000, reaching a new all-time high.
Despite this impressive rally, on-chain data shows that many investors are now locking in gains rather than holding out for even higher prices. In the past 24 hours, entity-adjusted realized profits surged above $500 million three times, signaling a significant wave of profit-taking activity. This metric reflects the total USD profit of coins moved on-chain, calculated based on the difference between their last transaction price and current value.
Since mid-May, profit-taking has steadily increased, marking the most intense activity since early February. Additional indicators, like the entity-adjusted Spent Output Profit Ratio (SOPR), confirm this trend. SOPR measures the profit level of coins being transferred, with adjustments to exclude intra-entity transactions for a clearer view of genuine economic activity.
According to Glassnode’s weekly report, the recent breakout to all-time highs has led to an increase in profits held by investors, with the average coin capturing around a 16% profit. Currently, less than 8% of trading days have been more profitable for investors, suggesting a notable shift toward profit-taking. However, the intensity of this activity remains below previous major price tops.
At the time of writing, Bitcoin was trading around $105,600 amid news that President Donald Trump’s social platform, Truth Social, is moving closer to offering a Bitcoin ETF accessible to everyday investors. This development continues to fuel optimism and could influence the next wave of market activity.
