Skip to content

Profitable trader buys $16 million in Bitcoin, gives bullish signal

Profitable trader buys $16 million in Bitcoin, gives bullish signal

Bitcoin (BTC) started this week with positive price action, retrieving a four-month price range previously lost in early July. Now, a historically profitable Bitcoin wallet has bought nearly $16 million of BTC, giving a bullish signal to cryptocurrency traders.

The address ‘3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN‘ has profitably traded Bitcoin twice in the last 12 months, amassing more than $30 million in gains. In this case, a “trade” combines a balance’s inflow and subsequent outflow related to exchanges – likely buying and selling BTC.

Notably, the whale’s most recent activity consisted of a 245 BTC inflow from Binance, worth $15.98 million. Lookonchain reported this activity in a post on X on July 17, and Bitcoin was trading at $65,656 then.

3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN transactions. Source: Arkham / Lookonchain

Bitcoin trader’s profitable history

First, the trader purchased 718 BTC from August 9 to November 1, 2023, at a $29,385 dollar-cost average. On December 18, the address closed this position at $41,953, profiting $9 million, according to Lookonchain.

The second trade took place from February 7 to June 20, 2024. In eight transactions, 1,181 BTC were bought at an average of $48,822 and then sold in two transactions for a $21.2 million profit of $66,792 on average.

3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN trades. Source: CoinMarketCap / Lookonchain

Interestingly, this entity spread its purchasings in multiple transactions at strategic times, selling in fewer transactions to realize the profit. If the pattern repeats, this profitable trader may be ready to buy more Bitcoin in the following days and weeks.

Observing smart money activity can give crypto traders and investors valuable insights into what to expect next. For example, institutional players and other whales have injected nearly $280 million into the crypto ecosystem, while crypto tycoon Justin Sun has likely amassed over $1 billion in Ethereum (ETH) since February, all previously reported by Finbold.

Nevertheless, even a historically profitable trader can be wrong, and cryptocurrencies are volatile assets that are hard to predict. There is, currently, a notable bullish signal in the markets, but investors must remain cautious moving forward.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.