Bitcoin Profit-Taking Activity Surges Above $500 Million per Hour
Bitcoin holders have intensified profit-taking since the cryptocurrency's price reached a record high. Key points include:
- On May 22, BTC's 50-day simple moving average (SMA) crossed above its 200-day SMA, indicating a bullish trend.
- BTC hit an all-time high of over $111,000 on the same day.
- On-chain data from Glassnode shows realized profits spiked above $500 million per hour, indicating increased profit-taking activity.
- The entity-adjusted realized profit tracks the total profit from coins moved on-chain that were sold at higher prices than their last movement.
- Profit-taking has been noted as the highest since early February.
- Average profits for coins are approximately +16%, with fewer than 8% of trading days being more profitable historically.
- Current BTC price is $105,600, amid news of developments related to a Bitcoin ETF by Truth Social.
