According to data from on-chain analytics firm Glassnode, market participants locked in $537 million in profit from Bitcoin earlier this week, following the digital asset’s rally to a high of $30,300 on Wednesday.

The event marks the second largest profit taking event in the last year, but is still considerably lower than the peak profit taking observed during the bull market of 2021 when Bitcoin holders realized $4.9 billion in profit.

“This suggests that whilst current profit taking remains constructive, it also remains significantly below the historical precedence of the prior bull market,” Glassnode analysts noted.

Crypto exchanges recorded $62.8 million in profitable inflows during this time, of which 83% were short-term holders. The majority of long-term holders, meanwhile, retained their coins. 

Most of the positive price action seen over the last week can be attributed to the fresh applications for spot Bitcoin ETFs filed by major investment managers, including BlackRock, Invesco, WisdomTree and Valkyrie.

Some market participants hypothesized that these new developments coupled with the current on-chain environment marked by a high concentration of long-term holders could drive further demand for Bitcoin, and likely lead to an increase in price.