A cryptocurrency investor made $131.72 million by investing in Ether during the 2022 bear market and holding it for two years despite uncertain market conditions.
Blockchain analytics firm Lookonchain has identified investors’ Ether (ETH) wallet addresses as Diamond Hands, demonstrating long-term losses associated with panic selling. Diamond Hands are individuals who hold onto their investments despite market volatility and price swings.
source: Look on Chain
According to Lookonchain, the investor purchased 96,639 ETH on the Coinbase cryptocurrency exchange between September 3 and 4, 2022. At the time, Ether was trading at around $1,567.
Generating Revenue Through Holding Strategy
As a result, whale investors acquired $151.42 million worth of ETH tokens in the process.
Diamond Hand Ethereum Buying Timeline Ethereum Investor. Source: Lookonchain
In March 2024, the investor transferred more than 72% of the initial investment (70,000 ETH) to the cryptocurrency exchange Kraken through several transactions. At the time of the transfer, the market price of Ether was $3,062, representing a transfer worth $214.34 million.
On-chain record of Ethereum deposits made by Diamond Hands investors. Source: Lookonchain
In addition to the recent Kraken transfer, the investor still has 26,639 ETH in his wallet at the time of his original purchase, which is now worth $68.81 million.
Diamond Hand Investors Take Notice of Mimecoin
Over the years, the “buy the dip” mentality has enabled cryptocurrency investors to achieve high long-term returns.
relevant: Diamond Hand: Mt. Gox Creditors Hold Bitcoin Despite 10-Year Wait
Recently, a Shiba Inu (SHIB) investor with a diamond hand made $1.1 million on a $2,625 investment after waiting for three years. Lookonchain noted:
“A Super Diamond Trader who has been dormant for 3.5 years has finally sold his $SHIB for a profit. He bought 48.09B $SHIB on February 1, 2021 for 2 $ETH ($2,625) and just sold it for 278.7 $ETH ($1.1M), making a 419x profit!”
This trade comes two weeks after another savvy crypto trader traded the PEPE mimecoin, turning $3,000 worth of PEPE into $46 million as the GameStop incident resurfaced, causing the price of that particular mimecoin to spike.
magazine: What Solana’s critics got right and what they got wrong