An Ethereum investor made a significant profit by holding their assets during the 2022 crypto crash. According to Lookonchain, this investor bought 96,639 ETH from Coinbase on September 3 and 4, 2022, at a price of $1,567 per ETH.
Big Gamble During the Crash
As per Lookonchain analysis, the investor’s initial purchase amounted to roughly $151.42 million, a bold move during the 2022 crypto market crash where many people were selling off their assets to minimize their losses.
Even in Times of Uncertainty
However, instead of selling, this investor held on to their Ethereum despite the market’s uncertainty, showing what the crypto world calls "diamond hands." It means investors who steadfastly hold onto their assets through market fluctuations without panic-selling.
Is Holding the Key to Success?
Fast forward to March 2024, and Ethereum’s price surged to about $3,062. This investor moved around 72% of the initial invested amount of 70,000 ETH to Kraken, cashing out $214.34 million. Even after selling a big chunk, they still hold 26,639 ETH, which is currently valued at about $68.81 million. This successful strategy was incredibly profitable, showing the power of holding assets even in tough times.
While the investor’s profit is impressive, it also highlights the unpredictability of the crypto market. Holding assets through bear markets can be rewarding, but it comes with risks. Lookonchain has tracked similar stories recently, including a Shiba Inu investor who made $1.1 million from a $2,625 investment, showing how patience and strategic selling can lead to large gains.
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