Bitcoin
holders have elevated their profit-taking exercise because the cryptocurrency’s value averages flashed a key bullish sign two weeks in the past.
BTC’s 50-day easy transferring common (SMA) crossed above its 200-day SMA on Could 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, in line with information from TradingView. On the identical day, bitcoin’s value hit a document excessive above $111,000, in line with CoinDesk information.
Nonetheless, holders are more and more locking in features somewhat than holding for additional upside, in line with on-chain information tracked by Glassnode.
“Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity,” Glassnode mentioned on X on Tuesday.
The entity-adjusted realized revenue represents the whole USD revenue of all cash which were moved onchain, the place the worth at their final motion is decrease than the newest transaction value.
The chart reveals the profit-taking exercise has steadily elevated because the second half of Could, topping the $500 million mark a number of occasions. That is probably the most intense revenue taking operation since early February.
Different metrics, such because the entity-adjusted spent output revenue ratio (SOPR), counsel the identical. SOPR tracks the revenue degree of all moved cash throughout a given interval. It is entity-adjusted model discards transactions between addresses of the identical entity, offering a dependable indicator of actual financial exercise.
“The recent ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit. Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway,” Glassnode mentioned in its weekly report.
The report added that profit-taking continues to be not as intense as seen throughout prior main price-topping patterns.
As of writing, BTC modified palms at $105,600 amid reviews of President Donald Trump’s Reality Social platform transferring a step nearer to providing a bitcoin exchange-traded fund to on a regular basis traders.
