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 skeptical investors who have been uncertain about BTC’s recent price recovery.
The wallet address “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” purchased 245 BTC, equivalent to around $16 million, which increased its total Bitcoin holdings to 248 BTC. This information was reported by Arkham Intelligence and Blockchain researcher Lookonchain. For the latest financial and business news, you can visit COINTURK FINANCE.
This transaction is significant because the wallet address has a history of highly profitable trading. In the past year, it has earned $30 million by buying BTC at low prices and selling them when the prices reached 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 for $41,953, resulting in a $9 million profit. From February to June, it continued to make profits, earning $21.2 million.
This recent investment by the wallet address demonstrates 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 increased demand for BTC as a safe-haven asset.
Pedro Lapenta, research director at Hashdex, provided further insights into recent market movements. He emphasized that the assassination attempt on Republican candidate Donald Trump on July 13 had a dual effect on Bitcoin’s price. Trump’s pro-crypto stance and increased chances of winning led to a positive market reaction. At the same time, this event also heightened global instability, causing Bitcoin, often considered a risk-averse asset, to rise by over 10% and surpass $63,000 in price.
The combination of political developments and investor actions is highly reassuring for those who believe in the potential of Bitcoin. The significant investment made by the highly profitable wallet address indicates that experienced investors are optimistic about the future of BTC. This confidence, especially during periods 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 are highly volatile and carry risks, and they should conduct their own research.
