Savvy Investor Made $131.72 Million by Holding Ethereum During 2022 Market Crash
The post Savvy Investor Made $131.72 Million by Holding Ethereum During 2022 Market Crash appeared first on Coinpedia Fintech News
An Ethereum investor just made an incredible $131.72 million by holding onto their Ethereum (ETH) during the 2022 crypto crash. According to the blockchain analytics platform Lookonchain, this savvy investor bought 96,639 ETH from Coinbase on September 3 and 4, 2022, when the price was just $1,567 per ETH.
Big Gamble During the Crash Pays Off
As per Lookonchain analysis, the investor’s initial purchase amounted to roughly $151.42 million, a bold move during the 2022 crypto market crash where many people were selling off their assets to minimize their losses.
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.
Fast forward to March 2024, and Ethereum’s price surged to about $3,062. This investor moved around 72% of the initial invested amount of 70,000 ETH to Kraken, cashing out $214.34 million. Even after selling a big chunk, they still hold 26,639 ETH, which is currently valued at about $68.81 million.
This successful strategy was incredibly profitable, showing the power of holding assets even in tough times.
Is Holding the Key to Success?
While the investor’s profit is impressive, it also highlights the unpredictability of the crypto market. Holding assets through bear markets can be rewarding, but it comes with risks. For every success story like this one, numerous examples exist of investors losing substantial amounts.
Lookonchain has tracked similar stories recently, including a Shiba Inu (SHIB) investor who made $1.1 million from a $2,625 investment, showing how patience and strategic selling can lead to large gains.