Profit-Making Crypto Address Makes $16M Investment in BTC

The address has made $30 million in trading profits in the past 12 months, according to Lookonchain.

A crypto address known for its substantial trading profits has made a fresh BTC investment this week, to the tune of 245 BTC ($16 million).

The address, labeled "3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN," received the funds on Tuesday, bringing its total BTC holdings to 248, as per data from Arkham Intelligence and blockchain sleuth Lookonchain.

The transaction is noteworthy given the address' history of making profitable bets. Over the past 12 months, it has made $30 million by buying 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.

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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. He joined CoinDesk in 2023 after working as an editor at TechCrunch and Gadgets 360. He covers crypto markets, mining and Web3.

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