Ethereum Investor Reaps $131.7M by Holding Through Bear Market
This is the stuff of dreams for a cryptocurrency investor who managed to turn a $151.42 million Ether investment into a staggering $214.34 million in two years by just sticking to the hodl strategy. The identity of the investor, uncovered through blockchain analytics, netted a whopping profit of $131.72 million during such tempestuous times and goes on to show that long-term holding is sometimes the best reward in the turbulent cryptocurrency space.
Large Purchase in 2022 Bear Market
Blockchain analytics firm Lookonchain identified the wallet address of the investor, who had bought 96,639 ETH from the Coinbase crypto exchange on September 3 and 4, 2022. During this period, Ether was trading at close to $1,567 per token. Though the bears were still dominating the market during this period, it didn’t deter this investor from making such a huge move, as he acquired Ethereum worth $151.42 million.
Reaping Profits Through Hodl Strategy
In March 2024, the investor transferred over 72% of his investment in ETH to the Kraken crypto exchange in tranches. By this time, Ether’s market price had leaped to $3,062 to value the transfer at $214.34 million. The investor still holds 26,639 ETH in his wallet, which is valued at $68.81 million if valued against today’s prevailing market prices.
Diamond Hand Investors Look Beyond Ethereum
This is not the only recent example of the success of the hodl strategy. Another investor turned a $2,625 investment in Shiba Inu into $1.1 million by holding for more than three years. Another shrewd crypto trader turned $3,000 in Pepe into $46 million, capturing the re-emergence of the GameStop saga.
The Power of Holding in a Volatile Market
These cases are the possible benefits that come from holding on to investment through market oscillations. The fact that most investors sell in panic during downturns, while diamond hand investors would put up with temporary losses, is all in pursuit of long-term gains. The success of this Ethereum investor underlines the importance of patience and strategy in this high-risk, high-reward world of cryptocurrency.
