Profit-Taking Intensifies After Bitcoin’s Golden Cross, On-Chain Data Shows $500M+ in Hourly Outflows

Bitcoin Golden Cross Triggers Surge in Realized Profits, On-Chain Activity Tops $500M Per Hour

Bitcoin investors appear to be locking in substantial profits following the confirmation of a golden cross—a historically bullish chart pattern—on May 22. That same day, BTC reached an all-time high above $111,000 before pulling back to the $105,600 range.

While the golden cross often signals continued upward momentum, on-chain metrics suggest some holders are opting to exit with gains instead.

According to Glassnode, entity-adjusted realized profits spiked above $500 million per hour three times within a single 24-hour period this week. The metric, which tracks actual profits based on historical on-chain acquisition costs, indicates that traders are actively capitalizing on recent price strength.

Glassnode further noted that the Spent Output Profit Ratio (SOPR)—which measures the average profit margin of coins being moved—has climbed significantly, with the average coin sold realizing a 16% gain. That places current market activity in the top decile of historically profitable trading days.

While the elevated profit-taking hasn’t yet reached levels associated with market tops, it does mark a notable shift in sentiment. Investors appear to be rotating into cash or lower-risk assets as Bitcoin consolidates near its highs.

The timing also comes amid broader developments in the crypto sector, including renewed interest in spot Bitcoin ETFs and increased mainstream exposure driven by politically affiliated digital asset firms.