A cryptocurrency wallet address that is well-known for making substantial trading profits recently decided to invest in Bitcoin (BTC). This development has caught the attention of investors who are skeptical about BTC’s recent price recovery.
The wallet address “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” purchased 245 BTC, amounting to approximately $16 million, thereby increasing its total Bitcoin holdings to 248 BTC. This information has been reported by Arkham Intelligence and Blockchain researcher Lookonchain. For the latest financial and business news, visit COINTURK FINANCE.
This transaction is significant because the wallet address has a history of highly profitable trading. In the past year alone, it has earned $30 million by buying BTC at low prices and selling them when the prices were at their peak. For example, over a five-month period until mid-December 2023, the wallet address bought 718 BTC at an average price of $29,385 and sold them at $41,953, resulting in a profit of $9 million. From February to June, it continued to make profits, earning $21.2 million.
This recent investment by the wallet address indicates renewed confidence in Bitcoin’s price. As we know, the largest cryptocurrency by market value has risen from $53,500 on July 5 to $64,500. This recovery is attributed to positive political developments in the US and an increased demand for BTC as a safe-haven asset.
Pedro Lapenta, the research director at Hashdex, shared additional insights into recent market movements. He pointed out that the assassination attempt on Republican candidate Donald Trump on July 13 had a dual effect on Bitcoin’s price. As Trump is considered pro-crypto, his increased chances of winning led to a positive market reaction. Simultaneously, this event created global instability, causing Bitcoin, which is often seen as a risk-averse asset, to rise by over 10% and exceed $63,000 in price.
The combination of political developments and investor actions is highly reassuring for those who believe in Bitcoin’s potential. The significant investment made by the profitable wallet address indicates that experienced investors are optimistic about BTC’s future. This confidence, particularly during times of political and economic uncertainty, may encourage other investors to consider Bitcoin as a suitable investment.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry a high level of volatility and risk, and should conduct their own research.