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

As an analyst, I find this transaction particularly intriguing due to the history of the given address. Over the past year, this address has managed to generate a substantial profit of $30 million. It has demonstrated impressive skills in bargain-hunting Bitcoin at lower prices and selling near trend peaks.

From mid-July to mid-December 2023, an identified address acquired 718 Bitcoins for a mean cost of $29,385 each. Subsequently, they sold these Bitcoins at an average price of $41,953, resulting in a profit of approximately $9 million. According to Lookonchain’s records on X platform, this address capitalized on the Bitcoin price surge from February to June, amassing a substantial profit of around $21.2 million.

The recent investment in bitcoin indicates a strong belief in its price growth. As the dominant cryptocurrency by market value, bitcoin has bounced back from its July 5 price of $53,500 to the current rate of $64,500, reportedly due to positive political news in the U.S. and increased safe-haven demand.

On July 13th, the attempted assassination of Republican candidate Donald Trump had two significant effects on bitcoin prices. Given his pro-crypto stance, the likelihood of a Trump victory fueled a favorable response from the market. At the same time, the event amplified global instability, causing the value of bitcoin, perceived as a safe haven asset, to rise by more than 10%, surpassing $63,000 according to Pedro Lapenta, Hashdex’s head of research.