A cryptocurrency investor achieved a remarkable profit of $131.72 million by investing in Ether during the 2022 bear market and holding it through two years of uncertain market conditions.
Blockchain analytics firm Lookonchain identified an Ether wallet address of this investor, showcasing the long-term benefits of holding through market volatility. The term “diamond hands” refers to individuals who maintain their investments despite price fluctuations and market turbulence.
According to Lookonchain, the investor purchased 96,639 ETH from the Coinbase crypto exchange between September 3 and 4, 2022, when Ether was trading at approximately $1,567. As a result, the investor acquired $151.42 million worth of ETH tokens.
In March 2024, this investor moved over 72% of their initial investment, totaling 70,000 ETH, to the crypto exchange Kraken through several transactions. At the time of transfer, the market price of Ether was $3,062, amounting to $214.34 million worth of transfers.
Apart from the recent transfers to Kraken, the investor still holds 26,639 ETH in their wallet from the original purchase, currently valued at $68.81 million.
Throughout the years, the buy-the-dip mindset has enabled crypto investors to achieve significant long-term returns. Recently, a Shiba Inu investor with diamond hands made a $1.1 million profit on a $2,625 investment after a three-year wait. Lookonchain reported:
“After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit. He spent 2 $ETH ($2,625) to buy 48.09B $SHIB on February 1, 2021, and sold it for 278.7 $ETH ($1.1M), a gain of 419x!”
This trade followed another savvy crypto trader who turned $3,000 worth of Pepe into $46 million by trading the Pepe memecoin during the resurgence of the GameStop saga, which significantly boosted certain memecoins.