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A cryptocurrency wallet address famous for significant trading profits made a new investment in Bitcoin (BTC) this week. This development closely interests investors who are skeptical about BTC’s recent price recovery.
Purchased $16 Million Worth of Bitcoin
The cryptocurrency wallet address “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” purchased 245 BTC worth approximately $16 million, raising its total Bitcoin holdings to 248 BTC. This information comes from Arkham Intelligence and Blockchain researcher Lookonchain.
The transaction is notable due to the wallet address’s highly profitable trading history. Over the past 12 months, the wallet address earned $30 million by buying BTC at low prices and selling near trend peaks. For instance, over five months until mid-December 2023, the wallet address bought 718 BTC at an average of $29,385 and sold them at $41,953, making a $9 million profit. From February to June, it continued the upward trend, earning $21.2 million.
This latest investment by the wallet address shows renewed confidence in Bitcoin’s price. As known, the largest cryptocurrency by market value rose 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.
Effects of the Assassination Attempt on Donald Trump Continue to Be Felt
Pedro Lapenta, research director at Hashdex, provided additional 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. As a pro-crypto candidate, Trump’s increased chances of winning led to a positive market reaction. Simultaneously, this event heightened global instability, causing Bitcoin, often seen as a risk-averse asset, to rise over 10% and its price to exceed $63,000.
The combination of political developments and investor actions is highly reassuring for those who believe in Bitcoin’s potential. The significant investment by the highly profitable wallet address indicates that experienced investors are optimistic about BTC’s future. This confidence, especially during periods of political and economic uncertainty, may encourage other investors to view Bitcoin as a suitable investment.
