Overview

Recent on-chain data indicates a surge in profit-taking by Bitcoin holders, particularly after key bullish signals appeared in the market. Bitcoin’s 50-day simple moving average crossed above its 200-day average on May 22, confirming a golden cross, which often suggests positive long-term momentum.

Key Points

• Profits realized have exceeded $500 million per hour multiple times recently.
• Conversely, holders are locking in gains rather than waiting for prices to rise further.
• On-chain metrics from Glassnode reflect record levels of profit-taking activity.

Current Situation

Bitcoin’s price recently peaked above $111,000, following the indicators noted. As of the latest data, BTC was trading around $105,600 amid positive news regarding President Donald Trump’s social media platform potentially moving closer to offering a Bitcoin exchange-traded fund (ETF).