Bitcoin's Golden Cross Sparks Massive Profit-Taking: Over $500M Cashed Out Hourly

Bitcoin holders have ramped up profit-taking activities following the cryptocurrency's recent golden cross signal, a bullish indicator that has historically preceded long-term upward momentum. On May 22, Bitcoin's 50-day simple moving average (SMA) crossed above its 200-day SMA, confirming the golden cross. This technical milestone coincided with Bitcoin hitting a record high above $111,000, according to CoinDesk data.

Despite the optimistic signal, on-chain data from Glassnode reveals a surge in investors locking in gains rather than holding for further appreciation. Entity-adjusted realized profits spiked above $500 million per hour multiple times in the past 24 hours, marking the most intense profit-taking activity since early February.

The spent output profit ratio (SOPR), another key metric, also indicates heightened profit-taking. This ratio measures the profit level of all moved coins during a given period, with its entity-adjusted version filtering out internal transactions to provide a clearer picture of real economic activity.

Glassnode's weekly report notes, "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."

However, the report also highlights that the current profit-taking intensity hasn't yet reached the levels seen during prior major price-topping patterns. As of the latest data, BTC is trading at $105,600, amid news of President Donald Trump's Truth Social platform nearing the launch of a spot Bitcoin ETF for everyday investors.