BTC might have hit a snag, and things might be looking grim at the moment. However, it is still considered to be one of the most prominent assets in the cryptocurrency landscape. As a result, Mechanism founder Andrew Kang made a considerable investment in BTC, which is easily one of the most significant ones in recent history.
Kang has built a super successful crypto firm called Mechanism. He has always had an affinity for BTC and has invested considerably in the industry. Kang just managed to secure a $200 million long position in BTC.
BTC Out Of Danger?
Crypto analytics firm Arkham said, “Andrew Kang just doubled his Bitcoin position.” Subsequently, the on-chain analytics firm has also suggested that another wallet connected to Kang made another hefty BTC purchase of close to $100 million, with an expected profit of $6.8 million.
On April 12th, Kang took to his social media to announce his investment. In a public post, Kang showed his appreciation for Trumo by claiming he managed to build the market potentiality. He believes the current state of the market has made a major BTC reversal possible.
However, the token gas still failed to remove itself from the risk. Due to tariff uncertainty, the token has seen an over 2% swing in the past 24 hours. The token’s price sank to $83,197, wiping most gains. However, a $200 million long position could strongly impact the price. Therefore, BTC investors should wait and watch to see where the token will go.
