Buy signal: Bitcoin smart trader accumulates $45 million BTC in a week

Bitcoin (BTC) price has had a remarkable recovery from a local bottom in early July – back to a five-month range. As the cryptocurrency surges, a Bitcoin smart trader continues to accumulate, amassing $45 million of BTC in a week.

Notably, the Bitcoin wallet address ‘3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN‘ has tripled its position since Finbold’s last report, when the whale started accumulating.

As reported on July 17, this trader has made profitable decisions when trading Bitcoin in the past. Therefore, this smart whale’s ongoing accumulation behavior suggests a buy signal for the market, bringing bullish expectations for BTC.

Precisely, onchain data shows the address currently holds 677 BTC, worth $44.95 million by press time. In a week, the whale made four purchases of 245 BTC, 2 BTC, 215.5 BTC, and 213.86 BTC.

Smart Bitcoin trader’s profitable history

Looking at Santiment‘s historical balance, we can see how this smart Bitcoin trader’s positions have played out so far. In a year, the trader has opened three BTC positions and closed two with a massive profit.

First, the whale started purchasing 267 BTC on August 9, 2023, at $29,573, 574.5 BTC at $25,914, and 717.68 BTC at $35,390 on November 1. On December 15 and 16, he sold the entire position at around $42,000.

After a local bottom, the smart trader started accumulating Bitcoin again, amassing over 1,000 BTC at around $48,000. The whale made other smaller purchases as BTC consolidated in a four-month range between $60,000 and $72,000.

However, the trader smartly sold it all with profit at a local top just before early July’s crash. Now, the address accumulates again, likely eyeing higher prices and a possible range breakout for a new all-time high.

Following whales and smart traders’ activities can give valuable insights into Bitcoin and other cryptocurrencies. Nevertheless, investors should always do their own research and act according to a thoughtful strategy, not blindly following others.

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

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