In a move that may hearten skeptics of bitcoin’s recent price resurgence, a cryptocurrency address renowned for its lucrative trading strategies has made a significant BTC investment this week.

The address, identified as “3QYQ8YthYTaAFJmzUqiis7iRSWG7e5buBN,” acquired 245 BTC worth nearly $16 million on Tuesday, increasing its total holdings to 248 BTC, according to Arkham Intelligence and blockchain detective Lookonchain.

This transaction is particularly notable given the address’s track record of making profitable trades. Over the past year, it has earned $30 million by purchasing BTC at low prices and selling near market peaks.

From July to mid-December 2023, the address bought 718 BTC at an average price of $29,385 and sold at $41,953, securing a $9 million profit, Lookonchain detailed on X. The address continued its profitable streak from February to June, netting $21.2 million.

This latest investment indicates a strong confidence in bitcoin’s future price potential. Bitcoin, the foremost cryptocurrency by market value, has rebounded from $53,500 on July 5 to the current market rate of $64,500, driven by favorable political developments in the U.S. and a surge in demand for safe-haven assets.

“The assassination attempt on [Republican candidate Donald Trump] on July 13 had a dual impact on bitcoin prices. As a pro-crypto candidate, the increased likelihood 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, stated in an email.