Bitcoin Profit Taking Surges After Golden Cross Event: On-Chain Realized Gains Top $500 Million Per Hour

Bitcoin (BTC) price surged following a confirmed golden cross on May 22, where its 50-day simple moving average (SMA) surpassed its 200-day SMA. This coincided with an all-time high of $111,000 and triggered significant profit-taking activity from Bitcoin holders. On-chain data revealed realized profits exceeding $500 million per hour for three consecutive hours on June 3, the highest level in over two months, reflecting selling pressure despite bullish technical indicators.