Diamond hands earns $131.7 million in Ethereum holdings in 2 years
One cryptocurrency investor made $131.72 million by investing in Ether during the 2022 bear market and holding on to two years of uncertain market conditions.
Blockchain analytics firm Lookonchain identified investor Ether (ETH) wallets with diamond hands, indicating long-term losses associated with panic selling. Diamond hands refer to individuals who hold their investments firmly in the face of market volatility and price fluctuations.
Source: Lookonchain
According to Lookonchain, investors bought 96,639 ETH from Coinbase crypto exchange between September 3 and 4, 2022. At the time, Ether was trading at around $1,567.
Reaping profits with the hodl strategy
As a result, the whale investor received $151.42 million worth of ETH tokens in the process.
Diamond Hands Ethereum Investor Buying Time. Source: Lookonchain
In the year In March 2024, the investor moved more than 72% of the initial investment (70,000 ETH) to the crypto exchange Kraken in several transactions. At the time of the transfer, the market value of Ether was $3,062, which is a transfer value of $214.34 million.
Ethereum's OnChain story put in the hands of a diamond investor. Source: Lookonchain
In addition to the recent Kraken transfers, the investor holds 26,639 ETH in their wallet from the original purchase, which is currently worth $68.81 million.
Diamond hand investors eye memecoins
Over the years, the buying mindset has allowed crypto investors to record high long-term returns.
Related: Diamond hands: Mount Gox creditors hodl Bitcoin despite waiting 10 years
Recently, a Shiba Inu (SHIB) investor with a diamond hand saw a $1.1 million profit on a $2,625 investment for three years. Lookonchain noted:
“After being dormant for 3.5 years, Super Diamond Trader finally sold $SHIB at a profit. In the year He spent 2$ETH($2,625) to buy 48.09B $SHIB on February 1st, 2021 and sold it for 278.7$ETH($1.1M), now making a 419x profit!”
The trade is rekindling the GameStop saga after another astute cryptocurrency trader traded PEPE's memecoin, trading PEPE's $3,000 to $46 million, two weeks after trading PEPE's memecoin, which sent the price of some memecoins soaring.
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