Blockchain
Profitable Crypto Address Invests $16 Million In BTC
Traders skeptical about bitcoin (BTC) The recent price rebound may find comfort in the fact that a crypto address known for its impressive trading profits made a new investment in BTC this week.
Addresses labeled “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” accumulated 245 BTC worth nearly $16 million on Tuesday, bringing the total to 248 BTC, according to the data source. Arkham Intelligence and blockchain investigator Lookonchain.
The transaction is noteworthy given the address’ history of making profitable bets. Over the past 12 months, it has made $30 million by hunting for BTC bargains at low prices and selling closer to trend highs.
In the five months to mid-December 2023, the address purchased 718 BTC at an average price of $29,385 and liquidated at $41,953, pocketing a profit of $9 million, Detailed Lookonchain on XThe address followed the bullish trend from February to June, cashing in $21.2 million in profits.
His latest investment suggests confidence in bitcoin’s price outlook. The leading cryptocurrency by market value has recovered from $53,500 on July 5 to the current market rate of $64,500, presumably on the back of favorable political developments in the United States and safe-haven demand.
“The attempted assassination of [Republican candidate Donald Trump] July 13 had a two-fold impact on bitcoin prices. As a pro-crypto candidate, Trump’s increased odds of victory spurred a positive market reaction. At the same time, the event increased global volatility, causing bitcoin, often seen as a risky asset, to rise more than 10%, with prices surpassing $63,000,” Pedro Lapenta, head of research at Hashdex, said in an email.