A cryptocurrency investor has made a huge profit of $131.72 million by buying and holding Ether (ETH) during the tough times of the 2022 bear market. The investor held onto their ETH through two years of market uncertainty, showing the benefits of long-term investing.
Blockchain Firm Identifies the Investor
Blockchain analytics company Lookonchain identified the wallet address of this investor, often referred to as having “diamond hands.” This term is used for those who hold their investments, even when market prices drop or become unstable.
According to Lookonchain, the investor purchased a total of 96,639 ETH from the Coinbase exchange in early September 2022, when Ether was trading at about $1,567 per token.
$151 Million Worth of Ether Purchased
By purchasing 96,639 ETH, the investor acquired $151.42 million worth of Ether. This significant investment proved valuable as Ether’s price recovered in the following years.
Moving Ether to Kraken
In March 2024, the investor transferred 70,000 ETH, which is over 72% of their original investment, to the Kraken crypto exchange. At the time, Ether was priced at $3,062, making the transfer worth $214.34 million.
Despite the transfer to Kraken, the investor still holds 26,639 ETH in their wallet. This portion of the original purchase is currently valued at $68.81 million, further highlighting the rewards of holding during market downturns.
