Bitcoin’s recent price surge has reignited interest and speculation across the crypto markets. A notable bullish signal was confirmed on May 22 when Bitcoin’s 50-day Simple Moving Average (SMA) crossed above its 200-day SMA, a technical pattern known as the golden cross. This indicator typically suggests long-term upward momentum, often attracting fresh capital into the market.
The confirmation of the golden cross coincided with a significant price movement, as BTC touched an all-time high (ATH) of over $111,000, according to CoinDesk. Historically, such technical milestones have preceded strong rallies. However, this time, the pattern appears to be triggering a wave of profit-taking, as investors opt to cash in on recent gains rather than bet on further price escalation.
Profit-Taking Activity Hits $500 Million Per Hour
According to blockchain analytics firm Glassnode, profit-taking activity has reached extraordinary levels. On three separate occasions in the past 24 hours alone, entity-adjusted realized profit surpassed $500 million per hour. This metric captures the aggregate USD-denominated profit for all coins moved on-chain, factoring in their last moved price versus their latest transaction value.

This surge in realized profit suggests that long-term holders and traders alike are increasingly choosing to liquidate at current price levels. The behaviour indicates growing caution or a desire to capitalise on recent gains, particularly after Bitcoin’s rally past $100,000.
Glassnode describes this as “the most intense profit-taking operation” seen since early February, reflecting a notable shift in market sentiment from accumulation to distribution.
SOPR Confirms a Shift Towards Realised Gains
Further supporting the data is the entity-adjusted Spent Output Profit Ratio (SOPR), a widely tracked metric used to evaluate whether investors are selling at a profit or loss. The SOPR has also shown a significant uptick in profit-taking activity, reinforcing that the sell-side pressure isn’t just speculative but rooted in real economic behaviour.

Glassnode’s weekly report highlights that the average BTC moved during this period captured a +16% profit, a strong incentive for holders to exit. Historically, only 8% of trading days have offered better profitability than the current market, suggesting that many investors see this as an optimal window to take profits.
Still, analysts note that while profit-taking is elevated, it hasn’t yet reached the extreme levels typically seen at major market tops, such as those in late 2017 or April 2021.
What’s Next for Bitcoin?
Despite the heavy profit-taking, Bitcoin remains above the $105,000 mark at the time of writing. This resilience implies that fresh demand continues to absorb the selling pressure, a potentially bullish sign. Adding to the mix is speculation around broader adoption, with reports suggesting Donald Trump’s Truth Social platform is exploring the launch of a Bitcoin Exchange-Traded Fund (ETF) aimed at retail investors.
If realised, such a move could further legitimise Bitcoin in mainstream financial circles, attracting a new wave of demand and possibly offsetting some of the current sell-offs.
Bitcoin’s golden cross and record-high price have marked a turning point in market sentiment. While the long-term outlook remains cautiously optimistic, the near-term narrative is dominated by strategic profit-taking, as investors lock in sizeable gains after one of the strongest rallies in Bitcoin’s history. Whether this marks a temporary pause or a broader trend reversal will largely depend on future macroeconomic developments and continued institutional adoption.