Profit-Making Crypto Address Makes $16M Investment in BTC | Currency News | Financial and Business News

• A profitable crypto address has made a fresh investment in BTC.
• The address has made $30 million in trading profits in the past 12 months.

Traders who are skeptical about bitcoin’s {{BTC}} recent price rebound may find comfort in the fact that a crypto address, recognized for substantial trading profits, has made a fresh BTC investment this week.

The addresses labeled “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN” amassed 245 BTC worth nearly $16 million on Tuesday, taking the tally to 248 BTC, according to data source Arkham Intelligence and blockchain sleuth Lookonchain.

The transaction is noteworthy given the address’ history of making profitable bets. In the past 12 months, it has made $30 million by bargain-hunting BTC at low prices and selling closer to trend tops.

During the five months to mid-December 2023, the address bought 718 BTC at an average price of $29,385 and liquidated at $41,953, pocketing a profit of $9 million, Lookonchain detailed on X. The address rode the uptrend from February to June, pocketing $21.2 million in profit.

Its latest investment suggests confidence in bitcoin’s price prospects. The leading cryptocurrency by market value has recovered from $53,500 on July 5 to the ongoing market rate of $64,500, supposedly on the back of favorable political developments in the U.S. and haven demand.

“The assassination attempt on [Republican candidate Donald Trump] on July 13th had a dual impact on bitcoin prices. As a pro-crypto candidate, the increased odds of a Trump victory spurred a positive market reaction. Concurrently, the event heightened global instability, causing bitcoin, often seen as a risk-off asset, to surge by over 10%, with prices climbing above $63k,” Pedro Lapenta, head of research at Hashdex, said in an email.

This story originally appeared on Coindesk