Ethereum Whale Holds Tokens for 8 Years and Makes Millions in Profit

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Ethereum Whale Holds Tokens for 8 Years and Makes Millions in Profit
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While complex trading strategies can yield huge profits, a recent example from an investor known as an “Ethereum whale” shows that a simple buy-and-hold strategy can also yield impressive results.

In February 2016, Ethereum (ETH), which is now worth around $2,298, was trading at around $5 per token. At that time, an investor purchased 16,636 ETH on the ShapeShift cryptocurrency exchange.

According to Chinese crypto data account EmberCN, the trader purchased the tokens for $5.23 each, totaling an initial investment of $87,006. The holder held onto his crypto for over eight years. In September 2024, the trader began selling off some of his holdings. On September 16, the trader sold 350 ETH at $2,340 per token, making an initial profit of $819,000 — nearly 10 times his investment.

According to data from CoinGecko, in the last 24 hours, the price of Ethereum has fallen 4.6% to $2,294.

Trader buys and holds Ethereum and makes a big profit

Even after this sale, the investor still owns over $38 million worth of Ethereum, demonstrating the power of a simple buy-and-hold approach over time.

While the buy-and-hold strategy can yield huge rewards, more complex moves can also be extremely profitable. A recent example shows a trader acquiring an NFT worth $1.5 million with just 10 ETH (about $23,000).

The NFT in question is CryptoPunk #2386, a rare ape-themed piece from the collection, complete with sunglasses and a headband. In 2020, the NFT was split into 10,000 pieces and divided among 257 owners via the now-defunct Niftex platform. However, the platform still maintains its smart contracts active on the blockchain.

Recently, on August 28, 2024, a trader made an offer to buy 10 ETH for the entire fractionalized NFT. Although some attempted to block the purchase, the transaction went through, resulting in CryptoPunk being purchased for the original amount offered.

Ethereum Whale Holds Tokens for 8 Years and Makes Millions in Profit

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Ethereum Whale Holds Tokens for 8 Years and Makes Millions in Profit

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Ethereum Whale Holds Tokens for 8 Years and Makes Millions in Profit

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