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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 represents the total USD profit of all coins that have been moved onchain, where the price at their last movement is lower than the latest transaction price. The chart shows the profit-taking activity has steadily increased since the second half of May, topping the $500 million mark several times. That's the most intense profit taking operation since early February. Other metrics, such as the entity-adjusted spent output profit ratio (SOPR), suggest the same. SOPR tracks the profit level of all moved coins during a given period. It's entity-adjusted version discards transactions between addresses of the same entity, providing a reliable indicator of real economic activity. "The recent ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit. Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway," Glassnode said in its weekly report. The report added that profit-taking is still not as intense as seen during prior major price-topping patterns. As of writing, BTC changed hands at $105,600 amid reports of President Donald Trump's Truth Social platform moving a step closer to offering a bitcoin exchange-traded fund to everyday investors.

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A representative of the Trump Organization said the group “knows nothing” about a crypto wallet project called the “$TRUMP Wallet,” despite the app’s branding and claims being tied to the U.S. president. “The Trump Organization knows nothing about this project," a spokesperson for the Trump Organization told CoinDesk. The app, according to its sparse but live website, promises users the ability to hold and trade digital assets. It includes no technical documentation or launch timeline but features a waitlist for early access. Magic Eden, the crypto marketplace reportedly involved in the project, had confirmed the project through a post by its CEO Jack Lu on X. U.S. President Donald Trump has leaned into crypto since reentering the political arena ahead of last year's election. Past initiatives tied to Trump include World Liberty Financial, a stablecoin venture, and the meme tokens Trump Coin and Melania Coin, both of which launched before his 2025 inauguration. According to the wallet's website, Magic Eden is working with GetTrumpMemes.com, the website behind the Trump memecoin. Donald Trump Jr., one of the president's children, also said in an X post that the organization has "zero involvement with this wallet product," but that World Liberty will "soon" launch its own wallet. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Written by: He Hao, Wall Street News After Musk returned to his business empire and stayed away from politics, his companies quickly embarked on a series of fundraising, including xAI, which is launching a $300 million share sale plan, and a $5 billion debt sale. In addition, brain-computer interface company Neuralink raised $650 million in a Series E funding round. xAI shares and bonds are issued On Monday, media reported that Elon Musk's xAI was launching a $300 million share sale plan that would allow employees to sell shares to new investors. In this transaction, the company was valued at $113 billion. This is in line with the price of Musk's xAI when it acquired his social media platform X in March of this year. Musk merged xAI with its social platform X this year into a new company called XAI Holdings. The March acquisition put the entire group at $113 billion, with xAI valued at $80 billion and X at $33 billion. Musk acquired X (then Twitter) for $44 billion in October 2022. Industry insiders pointed out that this secondary share sale, known as a "tender offer", is expected to be followed by a larger financing round, when the company will issue new shares to external investors. This follows media reports in April that XAI is in talks with investors to raise about $20 billion in funding for its newly merged AI startup and social media business, highlighting the market's enthusiasm for AI and Musk's influence. In addition, Musk has launched a $5 billion debt sale for xAI. According to media reports, Morgan Stanley is seeking debt financing for xAI, which could help Musk continue to invest heavily in AI infrastructure, especially in Memphis to build a large data center, Colossus. The debt financing package includes Class B term loans, fixed-rate term loans and senior secured notes, according to media sources familiar with the matter. The funds will be used for general corporate purposes, with a letter of commitment due on June 17. xAI declined to comment on the above news. Regarding the merger of xAI and X into one company, Musk previously said that this complex will allow his two companies to achieve synergies by integrating models, computing power, distribution channels, and talent. For example, AI developers can better leverage data from social media platforms to train their models and reach out to their user base. Musk did not further disclose the specific structure of the xAI merger deal with X in March. According to analysts, the opaque deal allows X to capitalize on xAI's rising valuations to gain support. Musk founded xAI in 2023 to challenge Sam Altman's OpenAI, as well as other big tech companies. xAI, an AI startup, was valued at $45 billion in a $500 million private funding round late last year. Musk also granted a 25% stake in xAI last year to investors who supported his acquisition of Twitter. xAI soon launched the Grok chatbot and built the Colossus supercomputer cluster, one of the largest AI data center projects in the United States. In addition to competing with big tech companies and Grog's sometimes "rugged" image, Musk has also signed a number of cooperation agreements. Last month, Microsoft announced that it was making xAI models available to its cloud computing customers, while messaging app Telegram also agreed to distribute Grok to its 1 billion users. Musk previously revealed on May 20 that his Memphis data center has deployed 200,000 GPUs for training AI systems, and he plans to add another million GPUs to another nearby location. Neuralink raises $650 million Musk also raised $650 million for his brain-computer interface company, Neuralink, at a valuation of $9 billion, which does not include the new investment, according to media reports. Neuralink's last funding round, which was valued at $3.5 billion, was in a funding round in 2023. Musk returns to the business empire from DOGE Musk has previously spent months as Trump's top adviser and regularly accompanied him to events, and has also provided strong support for Trump's 2024 presidential election, being one of his main financiers. Musk's tenure at the U.S. government's Department of Efficiency (DOGE) ended last week, during which he unveiled a massive government spending cut program that sparked widespread criticism not only of his personalty, but also of concerns about his company's performance. The spate comes after Musk stepped down from his role in the Trump administration responsible for cutting administrative spending. Some analysts pointed out that Musk seems to be eager to return his focus to his various businesses. Shares of Tesla Inc., where Musk is CEO, have fallen 20% since Trump's inauguration. Musk has previously said he will refocus on his business territory after his company was affected by its ties to President Trump. Musk wrote on X late last month: Go back to 24-hour work and spend the night in a conference room/server room/factory. I have to focus all my strength on X/xAI and Tesla. Because we're in the key technology release phase.

PANews reported on June 3 that Zilliqa posted on the X platform 1 hour ago that the team found that the query node and the API node were out of sync, resulting in some transactions failing to be processed on the chain. The network is currently being repaired, during which transaction processing will be suspended. Zilliqa stands for Security of User Funds (SAFU) and recommends querying on-chain balances and transaction records through viewblock.io/zilliqa. The team apologized for the inconvenience caused and promised to resolve the issue as soon as possible.