BTC Profit-Taking Surges Post Golden Cross, Signals Cautious Sentiment Amid Record Highs
Bitcoin (BTC) has seen a sharp increase in profit-taking activity following a golden cross on May 22, according to on-chain data from Glassnode. The bullish technical signal – where the 50-day simple moving average (SMA) crosses above the 200-day SMA – historically indicates strong upward momentum. Yet, instead of sparking a sustained rally, it has prompted many investors to lock in profits.
Intense Profit Realization Hits $500M/Hour
Data from Glassnode shows that entity-adjusted realized profits exceeded $500 million per hour three times in the past 24 hours — the most intense realization activity since early February.
The entity-adjusted realized profit metric filters out internal transfers and reflects genuine economic activity. It tracks the USD profit of all coins moved onchain where the last movement occurred at a lower price, confirming investors are taking profits en masse after the all-time high above $111,000.
Glassnode noted that the average coin moved captured a +16% profit, adding that fewer than 8% of historical trading days were more profitable. This suggests that the current price level is seen as an opportunity to sell, rather than continue accumulating.
SOPR Confirms Shift in Market Behavior
The Spent Output Profit Ratio (SOPR), particularly its entity-adjusted version, further corroborates the trend. A SOPR reading above 1 implies holders are selling at a profit. The recent spike indicates that investors are increasingly opting to realize gains, despite bullish sentiment driven by technicals and macro developments.
However, Glassnode added that profit-taking is still not at levels historically seen during major market tops, suggesting there may still be room for upside if market confidence holds.
Price Action & Fundamental Context
At the time of writing, BTC trades at $105,600, off its recent all-time high but still in a strong position. The surge in profit realization coincides with news that Donald Trump’s Truth Social platform is progressing toward enabling a Bitcoin ETF, which could further democratize access to BTC among retail investors.
Despite the sell pressure, the macro environment — including institutional inflows and growing ETF accessibility — could support Bitcoin’s price at current levels. The golden cross remains intact, but the market appears to be pausing for consolidation after an explosive rally.
