Story Highlights
Ethereum investor earned $131.72 million by holding during the 2022 crypto crash.
Investor purchased 96,639 ETH in 2022 at $1,567 per Ethereum amid market uncertainty.
The investor still holds 26,639 ETH, valued at approximately $68.81 million today.
An
Ethereum (ETH)
investor has made an impressive $131.72 million profit by holding onto their crypto during the 2022 market crash. According to blockchain analytics platform Lookonchain, this investor bought 96,639 ETH from Coinbase on September 3 and 4, 2022, when the price was $1,567 per ETH.
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How did they do it?
A Bold Move in a Bear Market
Lookonchain’s analysis shows that the investor spent around $151.42 million on Ethereum at a time when most people were selling off their assets to avoid losses.
This is a smart diamond hand, buying
$ETH
in the bear market and selling
$ETH
in the bull market, making $131.72M!
This whale bought 96,639
$ETH
($151.42M) from
#Coinbase
at $1,567 on Sept 3 and Sept 4, 2022.
Then deposited 70,000
$ETH
($214.34M) at $3,062 to
#Kraken
since Mar…
pic.twitter.com/yuAe5LMy7h
— Lookonchain (@lookonchain)
September 22, 2024
But instead of selling, this investor held on to their Ethereum despite the market’s uncertainty, showing what the crypto world calls “
diamond hands
.” It means investors who steadfastly hold onto their assets through market fluctuations without panic-selling.
By March 2024, Ethereum’s price had surged to around $3,062. The investor then transferred 70,000 ETH—about 72% of their total holdings—to Kraken, cashing out $214.34 million. Even after selling that large amount, they still hold 26,639 ETH, valued at approximately $68.81 million.
This successful strategy was incredibly profitable, showing the power of holding assets even in tough times.
Risks and Rewards of Holding
While this story highlights the potential rewards of holding assets during a bear market, it also shows the risks. Holding onto crypto through downturns can pay off, but it’s not always guaranteed. Many investors have faced heavy losses by taking the same approach.
Lookonchain has shared other examples, including a Shiba Inu (SHIB) investor who turned a $2,625 investment into $1.1 million. These stories show how patience and smart selling can lead to huge profits in the crypto world.
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 Feb 1, 2021, and sold it for 278.7
$ETH
($1.1M) just now, a gain of 419x!
https://t.co/Pw9i9wbKcn
pic.twitter.com/Qvp9wKpWCc
— Lookonchain (@lookonchain)
May 27, 2024
Patience is a virtue, especially in crypto. Is it time to dust off those diamond hands?
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