Ethereum Owner With ‘Diamond Hands’ Makes $131.7 Million in 2 Years
Date: 2024-09-23 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
A cryptocurrency investor made a profit of $131.72 million by investing in ETH during the 2022 bear market and holding the asset through market uncertainty for two years.
Blockchain analytics company Lookonchain has uncovered an Ethereum wallet belonging to an investor with “diamond hands,” showing long-term losses due to panic selling. The term “diamond hands” refers to people who continue to hold on to their investments despite market volatility and price fluctuations.
According to Lookonchain data, the investor bought 96,639 ETH on the Coinbase crypto exchange on September 3-4, 2022. At that time, the Ether rate was around $1,567.
Profit from the HODL strategy
As a result, this large investor purchased ETH worth $151.42 million. In March 2024, the investor transferred more than 72% of his initial investment (70,000 ETH) to the Kraken crypto exchange through several transactions. At the time of the transfer, the market price of ETH was $3,062, which corresponded to $214.34 million.
Additionally, the investor still has 26,639 ETH from the initial purchase in his wallet, which is currently valued at $68.81 million.
Investors with “diamond hands” are interested in memecoins
For years, the “buy the dip” strategy has allowed crypto investors to earn high long-term returns.
Recently, one “diamond-handed” investor in Shiba Inu made $1.1 million on a $2,625 investment after waiting for three years.
This trade comes two weeks after another experienced crypto trader turned $3,000 in the Pepe memecoin into $46 million, trading on the back of the GameStop resurgence, which has helped drive up the prices of certain memecoins.
