Bitcoin (BTC) started this week with positive price action, reclaiming a four-month price range previously lost in early July. Now, a historically profitable Bitcoin wallet has bought nearly $16 million in BTC, sending a bullish signal to cryptocurrency traders.
Address ‘3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN’ has profitably traded Bitcoin twice in the last 12 months, earning over $30 million. In this case, the “trade” combines the inflow of balance and the subsequent outflow associated with exchanges – likely buying and selling BTC.
Notably, the whale’s last activity was an influx of 245 BTC from Binance worth $15.98 million. Lookonchain reported this activity in a post on X on July 17, at which time Bitcoin was trading at $65,656.
Bitcoin Trader Profit History
The trader initially bought 718 BTC from August 9 to November 1, 2023, at an average cost of $29,385. On December 18, the address closed the position at $41,953, making a profit of $9 million, according to Lookonchain.
The second transaction took place between February 7 and June 20, 2024. Over the course of eight transactions, 1,181 BTC were purchased at an average price of $48,822 and then sold in two transactions for a profit of $21.2 million or an average of $66,792.
Interestingly, this organization spread its purchases across multiple transactions at strategic times, selling in fewer transactions to make a profit. If the pattern repeats itself, this profitable trader may be willing to buy more bitcoin in the days and weeks to come.
Keeping an eye on smart money activity can give crypto traders and investors valuable insight into what to expect next. For example, institutional players and other whales have poured nearly $280 million into the crypto ecosystem, while crypto mogul Justin Sun has likely amassed over $1 billion in Ethereum (ETH) since February, as previously reported by Finbold.
However, even a historically profitable trader can be wrong, and cryptocurrencies are volatile assets that are difficult to predict. There is currently a significant bullish signal in the markets, but investors should remain cautious going forward.
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