A profitable crypto address recently invested a significant amount in Bitcoin (BTC), adding to its already impressive trading profits. The address, known for making smart investment decisions, purchased 245 BTC totaling nearly $16 million on Tuesday, bringing its total holdings to 248 BTC. This move is particularly noteworthy considering the address’s track record of successful trades, which have resulted in $30 million in profits over the past year.
According to data from Arkham Intelligence and Lookonchain, the address has a history of buying BTC at low prices and selling them at higher prices, resulting in substantial gains. For example, between August and December of last year, the address bought 718 BTC at an average price of $29,385 and sold them at $41,953, making a profit of $9 million. During the uptrend from February to June, the address made an impressive $21.2 million in profit.
This recent investment indicates a strong belief in the future price of Bitcoin. The cryptocurrency has seen a recovery from $53,500 on July 5 to the current market rate of $64,500, largely due to positive political developments in the U.S. and increased demand for safe-haven assets. According to Pedro Lapenta, head of research at Hashdex, the recent assassination attempt on Republican candidate Donald Trump had a dual impact on Bitcoin prices. The increased likelihood of a pro-crypto candidate winning the election boosted market sentiment, while global instability led to a surge in Bitcoin prices as investors sought out risk-off assets.
Overall, the activity of address 3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN highlights the potential for profitability in the cryptocurrency market. Despite price fluctuations, smart investors can still capitalize on the volatility to generate significant returns. This latest investment serves as a testament to the confidence in Bitcoin’s long-term value and the opportunities it presents for savvy traders.