Bitcoin BTC holders have increased their profit-taking activity since the cryptocurrency's price averages flashed a key bullish signal two weeks ago.

BTC's 50-day simple moving average (SMA) crossed above its 200-day SMA on May 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, according to data from TradingView. On the same day, bitcoin's price hit a record high above $111,000, according to CoinDesk data.

Still, holders are increasingly locking in gains rather than holding for further upside, according to on-chain data tracked by Glassnode.

"Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity," Glassnode said on X on Tuesday.

The entity-adjusted realized profit repre

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