Astute Investor Earns 13172 Million by Retaining Ethereum Amid 2022 Market Collapse
A staggering $131.72 million windfall has come the way of an Ethereum investor who decided to hold onto their digital currency during the 2022 crypto crash. The investor purchased 96,639 ETH in 2022 when the price was just $1,567 per Ethereum, a gutsy move during a period of market uncertainty. The investor’s initial purchase amounted to approximately $151.42 million, as reported by the blockchain analytics platform Lookonchain. While many were selling off their assets to mitigate losses during the crash, this savvy investor chose to hold onto their Ethereum, a decision that has paid off handsomely.
The term “diamond hands” is often used in the crypto world to describe investors who hold onto their assets without panicking during market fluctuations, and this investor’s strategy epitomizes this mindset. Despite the market’s unpredictability, the investor refused to sell their Ethereum and instead waited for its value to rise. Fast forward to March 2024, and Ethereum’s price soared to around $3,062. At this point, the investor cashed out around 72% of their initial investment, selling 70,000 ETH to Kraken for a total of $214.34 million. Even after this substantial sale, they still retain 26,639 ETH, which is currently valued at approximately $68.81 million.
This remarkable success story underscores the potential profitability of holding onto assets even during challenging times. However, it also serves as a reminder of the inherent volatility of the crypto market. While the investor’s profits are undoubtedly impressive, it’s important to recognize that investing in cryptocurrencies carries risks. For every tale of triumph like this one, there are numerous examples of investors who have suffered substantial losses. Lookonchain has recently tracked similar stories that demonstrate how patience and strategic selling can lead to significant gains, such as a Shiba Inu (SHIB) investor who made $1.1 million from a $2,625 investment.