Bitcoin Investors Take Profits Post-Golden Cross as Realized Gains Top $500M Per Hour

Bitcoin traders are locking in gains at an accelerated pace following a key technical breakout last month.

On May 22, Bitcoin confirmed a “golden cross” — when the 50-day moving average crosses above the 200-day — often seen as a signal of long-term bullish momentum. That same day, BTC briefly hit an all-time high above $111,000 before retreating to current levels near $105,600.

Despite the bullish setup, on-chain data reveals a growing trend of profit-taking. According to Glassnode, entity-adjusted realized profits exceeded $500 million per hour on three separate occasions over the last 24 hours — a level not seen since February.

This metric captures the dollar value of profits realized when BTC moves at a higher price than its last on-chain transaction, excluding internal transfers and wash movements. The sustained spike suggests investors are rotating out of positions amid peak euphoria.

Glassnode’s latest report also highlights that the average spent coin has netted a 16% gain — placing current profitability in the 92nd percentile of historical trading days. Meanwhile, the Spent Output Profit Ratio (SOPR) has surged, indicating many holders are seizing the opportunity to sell into strength.

Though far from panic selling, the data paints a picture of cautious optimism — as some investors take risk off the table even while broader sentiment remains bullish.