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 shifting common (SMA) crossed above its 200-day SMA on Could 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, in keeping with information from TradingView. On the identical day, bitcoin’s value hit a document excessive above $111,000, in keeping with CoinDesk information.
Nonetheless, holders are more and more locking in positive factors fairly than holding for additional upside, in keeping with on-chain information tracked by Glassnode.
“Entity-adjusted realized revenue spiked above $500M/hour 3 times prior to now 24 hours, signaling intense profit-taking exercise,” Glassnode stated on X on Tuesday.
The entity-adjusted realized revenue represents the full USD revenue of all cash which have been moved onchain, the place the value at their final motion is decrease than the newest transaction value.
The chart exhibits the profit-taking exercise has steadily elevated because the second half of Could, topping the $500 million mark a number of instances. That is probably the most intense revenue taking operation since early February.
Different metrics, such because the entity-adjusted spent output revenue ratio (SOPR), recommend 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 current ATH breakout has led to a notable uptick in earnings locked in, with the typical coin capturing a +16% revenue. Fewer than 8% of buying and selling days have been extra worthwhile for traders, suggesting a significant transition into profit-taking exercise is underway,” Glassnode stated 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 arms at $105,600 amid reviews of President Donald Trump’s Reality Social platform shifting a step nearer to providing a bitcoin exchange-traded fund to on a regular basis traders.