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Cryptocurrency News Articles
Ethereum (ETH) HODLing Strategy Earns Investor 90% Profit, Defies Harsh Market Conditions
Sep 23, 2024 at 07:14 am
A two-year-long HODLing strategy has earned an investor around a 90% increase on his Ethereum (ETH) investment.
An investor who applied the HODLing strategy for two years has seen his Ethereum (ETH) investment increase by around 90%. During the difficult crypto market of 2022, this cryptocurrency investor acquired 96,639 ETH from the American digital asset exchange Coinbase between September 3 and 4.
The investor made this purchase while Ethereum was trading at roughly $1,567. As a result, the total holding was valued at $151.42 million. The blockchain analytics platform Lookonchain was the one who discovered these transactions.
Afterward, the market conditions worsened significantly, largely due to the failure of TerraUSD-LUNA and later the FTX exchange. The “diamond hand” investor demonstrates how holding crypto assets for the long term could be a wiser investment than panic selling.
Six months after they were acquired, the Investor’s wallet address transferred 70,000 ETH to the Kraken exchange. The Ethereum sent in multiple transactions was equivalent to 72% of the initial holding. When this transfer was made, the second largest cryptocurrency by market cap had a value of $3,062. At this price level, it was worth 214.34 million.
This is a smart diamond hand, buying $ETH in the bear market and selling $ETH in the bull market, making $131.72M!
This whale bought 96,639 $ETH($151.42M) from #Coinbase at $1,567 on Sept 3 and Sept 4, 2022.
Then deposited 70,000 $ETH($214.34M) at $3,062 to #Kraken since Mar… pic.twitter.com/yuAe5LMy7h
— Lookonchain (@lookonchain) September 22, 2024
The remaining 26,639 ETH in their wallet from the original purchase was valued at $68.81 million. Altogether, the diamond hand Investor’s ETH holding summed up to 283.15 million. As you can see, the investor’s decision to buy the dip helped him bag huge profits, almost as high as the initial funds invested from the beginning.
This wallet was identified by Lookonchain just a few days after the Ethereum Foundation, a major non-profit making organization, made headlines for its significant sales of ETH. To be precise, the Foundation sold 300 Ethereum, valued at $760,000, at an average price of $2,543.
While the Ethereum price has improved over time, it has yet to live up to the expectations of analysts and market observers. Even the approval from the United States Securities and Exchange Commission (SEC) for spot Ethereum ETF trading has not done much to prove the coin’s price. At the time of this writing, ETH was trading at $2,582.53, with a 0.56% increase in the last 24 hours.
Analysts and investors are looking forward to when Ethereum eventually hits $4,000.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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