Ethereum Trade Makes $131mn Profit After 2 Years of Holding
Release: 2024/09/23 09:00 Reading: 757
Long-Term Ether Investment Yields $131.72 Million Profit
A cryptocurrency investor realized a substantial profit of $131.72 million by investing in Ether (ETH) during the 2022 bear market and holding onto it for two years amid market uncertainty.
Blockchain analytics firm Lookonchain traced the Ether wallet address of this investor, demonstrating the long-term rewards of holding crypto assets through price volatility. "Diamond hands" refers to investors who maintain their investments despite market turbulence.
The investor purchased 96,639 ETH from Coinbase on September 3-4, 2022, when ETH traded at approximately $1,567, acquiring $151.42 million worth of tokens.
In March 2024, the investor moved 70,000 ETH to Kraken through several transactions, totaling $214.34 million at the time of transfer.
The investor still holds 26,639 ETH from the original purchase, currently valued at $68.81 million.
The "buy-the-dip" strategy has yielded significant long-term returns for crypto investors. As an example, a Shiba Inu investor with diamond hands realized a $1.1 million profit on a $2,625 investment after waiting three years.
Lookonchain reported: "After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit. He spent 2 $ETH ($2,625) to buy 48.09B $SHIB on February 1, 2021, and sold it for 278.7 $ETH ($1.1M), a gain of 419x!"
This transaction follows another successful trade by a cryptocurrency investor who converted $3,000 worth of Pepe memecoin into $46 million during the GameStop saga, which boosted the value of certain memecoins.
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