Markets
Profitable Crypto Address Invests $16 Million in BTC
Traders skeptical about bitcoin (BTC) The recent price rally might find solace in the fact that a crypto address known for its substantial trading profits made a new BTC investment this week.
Addresses tagged “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” amassed 245 BTC worth nearly $16 million on Tuesday, bringing the total to 248 BTC, according to the data source. Arkham Intelligence and blockchain detective Lookonchain.
The transaction is notable given the address’s history of profitable bets. Over the past 12 months, it has made $30 million by seeking out low-priced BTC and selling closer to trend highs.
Over 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, Lookonchain detailed on XThe address followed the bullish trend from February to June, pocketing $21.2 million in profits.
His latest investment suggests some confidence in bitcoin’s price outlook. The leading cryptocurrency by market cap has surged from $53,500 on July 5 to the current market rate of $64,500, supposedly thanks to favorable political developments in the United States and safe-haven demand.
“The assassination attempt against [Republican candidate Donald Trump] July 13 had a dual impact on the price of bitcoin. As a pro-crypto candidate, the increased chances of a Trump victory sparked a positive market reaction. At the same time, the event increased global instability, causing bitcoin, often considered a risk asset, to surge more than 10%, with prices surging above $63,000,” Pedro Lapenta, head of research at Hashdex, said in an email.