An Ethereum whale made a $131.72 million profit by buying Ethereum during the bear market in 2022 and HODLing it through rough conditions for over two years.
According to recent data by Lookonchain, a wallet supposedly linked to an Eth whale bought 96,639 ETH on 3rd and 4th September, 2022. The whale had bought these coins from the cryptocurrency exchange, Coinbase.
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 blockchain analytics firm referred to the investor as someone with diamond hands, which refers to a person who holds assets through periods of extreme volatility regardless of the price action and fluctuations.
At the time when the whale made the purchase, Ethereum was trading at approximately $1,567. This resulted in the whale receiving $151.42 million worth of ETH.
Recently, in March 2024, the whale moved over 72% of the investment to Kraken in multiple transactions. This constituted over 70,000 Ethereum coins. At that time, the price of each Ethereum was about $3,062. This means that the investor transferred almost $214.34 million in fiat.
However, it’s still not over, because the whale is still currently holding 26,639 ETH in the original wallet from which the purchase was made. This is equivalent to $68.1 million based on the current pricing of $ETH.
Smart whales continue to buy the dips
Smart–money whales often follow a concept called buy-the-dips, where they purchase the dips on well-known and established cryptocurrencies, hoping for an upwards retracement.
In a similar scenario, a Shiba Inu investor ended up making a profit of $1.1 million on an investment of only $2,625 after waiting for over three years. This particular trader’s account remained dormant for this time, according to data from Lookonchain.
This was only two weeks after another trader made $46 million from Pepe with an original investment of only $3,000. In all these cases, the traders held through volatility and uncertain market conditions, hence proved their diamond-handing mindset.
