A savvy crypto enthusiast recently converted their two-year hold investment strategy into a staggering $131.72 million profit by investing in Ethereum during the 2022 bear market. This strategic investor held onto their Ether assets defiantly through the uncertain market conditions, aptly showcasing the long-term financial downturn associated with panic selling.
This opportunistic investor, labelled as having ‘diamond hands’ due to their grit in holding onto their assets in the face of market volatility, was singled out by blockchain analytics firm Lookonchain. The firm traced down this investor’s Ethereum wallet address and discovered that they had purchased 96,639 ETH from the Coinbase cryptocurrency exchange between September 3 and 4, 2022, when Ethereum was worth around $1,567.
By March 2024, the astute investor transferred more than 72% of their initial investment, equating to 70,000 ETH, to the crypto exchange Kraken through numerous transactions. At the time of these transfers, the market price of Ethereum had shot up to $3,062, translating to a whopping $214.34 million worth of transferred Ethereum.
Furthermore, the investor still holds 26,639 ETH from the original investment in their wallet, now worth an impressive $68.81 million. This sharply suggests the power of long-term investment strategies in cryptocurrency, even through the inevitable market turbulence.
Notably, this trend of diamond-hand investing extends beyond the Ethereum realm. Memecoins have also caught the attention of such investors. Case in point, a Shiba Inu investor with diamond hands recently made a jaw-dropping $1.1 million profit by holding on to a mere $2,625 investment for three years. By resisting the urge to panic sell, these diamond-hand investors are proving that striking gold in the volatile crypto market is possible, given patience, time, and steely resolve.