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Profit-Making Crypto Address Makes $16M Investment in BTC
The address has made $30 million in trading profits in the past 12 months, according to Lookonchain.
Updated Jul 19, 2024, 5:29 p.m. Published Jul 18, 2024, 6:20 a.m.
- A profitable crypto address has made a fresh investment in BTC.
- The address has made $30 million in trading profits in the past 12 months.
Traders who are skeptical about bitcoin's recent price rebound may find comfort in the fact that a crypto address, recognized for substantial trading profits, has made a fresh BTC investment this week.
The addresses labeled "3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN" amassed 245 BTC worth nearly $16 million on Tuesday, taking the tally to 248 BTC, according to data source Arkham Intelligence and blockchain sleuth Lookonchain.
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The transaction is noteworthy given the address' history of making profitable bets. In the past 12 months, it has made $30 million by bargain-hunting BTC at low prices and selling closer to trend tops.
During the five months to mid-December 2023, the address bought 718 BTC at an average price of $29,385 and liquidated at $41,953, pocketing a profit of $9 million, Lookonchain detailed on X. The address rode the uptrend from February to June, pocketing $21.2 million in profit.
Its latest investment suggests confidence in bitcoin's price prospects. The leading cryptocurrency by market value has recovered from $53,500 on July 5 to the ongoing market rate of $64,500, supposedly on the back of favorable political developments in the U.S. and haven demand.
"The assassination attempt on [Republican candidate Donald Trump] on July 13th had a dual impact on bitcoin prices. As a pro-crypto candidate, the increased odds of a Trump victory spurred a positive market reaction. Concurrently, the event heightened global instability, causing bitcoin, often seen as a risk-off asset, to surge by over 10%, with prices climbing above $63k," Pedro Lapenta, head of research at Hashdex, said in an email.
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