Following the hodl strategy, an investor converts a $151.42 million Ether investment into $214.34 million over the course of a two-year bear market.
A cryptocurrency investor generated a profit of $131.72 million by investing in Ether during the 2022 bear market and maintaining it for two years despite the uncertain market conditions.
Lookonchain, a blockchain analytics firm, identified an Ethereum wallet address of an investor with diamond hands, illustrating the long-term losses that are associated with panic sale. Diamond hands are individuals who maintain their investments in the face of market volatility and price fluctuations.
The investor acquired 96,639 ETH from the Coinbase crypto exchange between September 3 and 4, 2022, as per lookonchain. Ether was trading at approximately $1,567 at the time.
In the process, the billionaire investor acquired ETH tokens valued at $151.42 million. In March 2024, the investor transferred over 72% of the initial investment (70,000 ETH) to the crypto exchange Kraken through a series of transactions. At the moment of transfer, the market price of Ether was $3,062, which amount to $214.34 million in transfer value.
The investor currently has 26,639 ETH in their wallet from the original purchase, equivalent to $68.81 million, in addition to the recent Kraken transfers.
The buy-the-dip mindset has allowed crypto investors to achieve substantial long-term returns over the years.
A Shiba Inu investor with diamond hands recently realized a $1.1 million profit on a $2,625 investment after a three-year delay. Lookonchain observed:
“The elite diamond trader eventually sold $SHIB at a profit after being inert for 3.5 years.” On February 1, 2021, he purchased 48.09B $SHIB for $2 $ETH ($2,625) and recently sold it for 278.7 $ETH ($1.1M), resulting in a 419x return.
The trade took place two weeks after an astute crypto trader converted $3,000 worth of Pepe into $46 million by trading the Pepe memecoin during the reemergence of the GameStop saga. This event bolstered the price of specific memecoins.
Also Read: Coinbase cbBTC is preparing for the incorporation of Solana in response to the increasing demand
