Bitcoin Investor Makes Significant Purchase

Traders skeptical about bitcoin’s recent price rebound may find reassurance in a recent significant investment made by a crypto address known for its trading success.

The address “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” purchased 245 BTC worth nearly $16 million on Tuesday, increasing its total holdings to 248 BTC, as reported by Arkham Intelligence and Lookonchain.

This address has a track record of making profitable trades, earning $30 million in the past year by buying low and selling high. Over the last five months leading up to mid-December 2023, the address bought 718 BTC at an average price of $29,385 and sold at $41,953, resulting in a $9 million profit. During the uptrend from February to June, it made $21.2 million in profit.

This recent investment indicates confidence in bitcoin’s price outlook. The cryptocurrency has bounced back from $53,500 on July 5 to around $64,500, possibly due to positive political developments in the U.S. and increased demand for safe-haven assets.

“The attempted assassination of Republican candidate Donald Trump on July 13th had a significant impact on bitcoin prices. The market reacted positively to the increased likelihood of a pro-crypto candidate winning. Additionally, the event raised global instability, causing bitcoin, often considered a safe-haven asset, to surge by over 10%, surpassing $63k,” explained Pedro Lapenta, Head of Research at Hashdex.