Traders observing the recent price rebound of bitcoin (BTC) may take solace in a significant development this week. A crypto address known for its remarkable trading profits has made a fresh investment in BTC. The address with the label “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” acquired 245 BTC, valued at nearly $16 million, on Tuesday. This latest transaction brings the total BTC holdings for this address to 248 BTC, as reported by data sources Arkham Intelligence and Lookonchain.
The address has gained attention due to its history of making profitable trades. Over the past year, it has amassed $30 million in profits by strategically buying BTC at lower prices and selling near market tops. Notably, the address purchased 718 BTC between August and December 2023 at an average price of $29,385, selling them at $41,953 to secure a $9 million profit. Subsequently, during the five months leading up to mid-December 2023, the address capitalized on market trends, earning $21.2 million in profit.
This recent investment indicates a strong belief in bitcoin’s future price trajectory. The leading cryptocurrency has shown resilience, bouncing back from $53,500 on July 5 to the current market rate of $64,500. This upward movement is attributed to positive political developments in the U.S. and increased demand for safe-haven assets.
“The recent assassination attempt on Republican candidate Donald Trump on July 13th had a notable impact on bitcoin prices,” explained Pedro Lapenta, head of research at Hashdex. “The market reacted positively to the increased likelihood of a pro-crypto candidate winning. Simultaneously, global instability fueled by the event prompted a surge in bitcoin prices by over 10%, pushing them above $63k.”