Bitcoin
Holders have increased their profit-take activity since Cryptocurrency’s award-average flashed an important bullish signal two weeks ago.
BTC’s 50-day simple sliding average (SMA) crossed over its 200-day SMA on May 22, confirming a Golden Cross-One Technical Indicator that signaled Bullish Long-term Momentum, according to data from TradingView. On the same day, Bitcoin’s award hit a record high over $ 111,000, according to Coindesk data.
Still, holders are increasingly locking gains instead of holding for further upside, according to data on the chain traced by glass node.
“Entity-adjusted realized profits rose over $ 500 million/hour three times over the last 24 hours, signaling intense profit-take activity,” Glassnode said on X Tuesday.
The unit-adjusted realized profits represent the total USD profit for all coins that have moved on chain, where the price for their last movement is lower than the latest transaction price.
The chart shows that profit-take activity has risen steadily since the second half of May and topped $ 500 million mark several times. It is the most intense profit recording since the beginning of February.
Other measurements, such as the unit-adjusted used output-profit relationship (SOPR), suggest the same. Sopr tracks the excess level for all moved coins for a given period. It is entity -adjusted version that discards transactions between addresses of the same device, providing a reliable indicator of real economic activity.
“The recent ATH-BREAKOUT has led to a remarkable uptick in profits locked inside, with the average coin capturing a +16% profit. Fewer than 8% of trade days have been more profitable for investors, suggesting that a meaningful transition to profit-take activity is in progress,” Glassnode said in its weekly report.
The report added that profit recording is still not as intense as seen during previously larger price development patterns.
From writing, BTC changed hands to $ 105,600 in the middle of reports of President Donald Trump’s truth’s social platform, moving one step closer to offering a Bitcoin exchange traded fund for everyday investors.
