An Ethereum investor simply made an unbelievable $131.72 million by holding onto their Ethereum (ETH) through the 2022 crypto crash. Based on the blockchain analytics platform Lookonchain, this savvy investor purchased 96,639 ETH from Coinbase on September 3 and 4, 2022, when the value was simply $1,567 per ETH.
Huge Gamble In the course of the Crash Pays Off
As per Lookonchain evaluation, the investor’s preliminary buy amounted to roughly $151.42 million, a daring transfer through the 2022 crypto market crash the place many individuals have been promoting off their belongings to reduce their losses.
However as an alternative of promoting, this investor held on to their Ethereum regardless of the market’s uncertainty, exhibiting what the crypto world calls “diamond palms.” It means buyers who steadfastly maintain onto their belongings by way of market fluctuations with out panic-selling.
Quick ahead to March 2024, and Ethereum’s value surged to about $3,062. This investor moved round 72% of the preliminary invested quantity of 70,000 ETH to Kraken, cashing out $214.34 million. Even after promoting a giant chunk, they nonetheless maintain 26,639 ETH, which is at present valued at about $68.81 million.
This profitable technique was extremely worthwhile, exhibiting the facility of holding belongings even in robust occasions.
Is Holding the Key to Success?
Whereas the investor’s revenue is spectacular, it additionally highlights the unpredictability of the crypto market. Holding belongings by way of bear markets will be rewarding, nevertheless it comes with dangers. For each success story like this one, quite a few examples exist of buyers dropping substantial quantities.
Lookonchain has tracked comparable tales not too long ago, together with a Shiba Inu (SHIB) investor who made $1.1 million from a $2,625 funding, exhibiting how persistence and strategic promoting can result in massive positive aspects.