An investor made a profit of $131 million by holding ether for 2 years

An Ethereum investor made headlines by earning a staggering $131.72 million profit by holding onto 96,639 ETH purchased during the 2022 bear market.

This investor was able to increase the value of investment in ether from $151.42 million to $214.34 million during a two-year bear market using a long-term holding strategy.

Lookonchain on X: "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 March. 

Data from "Lookonchain" shows that this investor purchased 96,639 ETH from the Coinbase exchange between September 3-4, 2022. At the time, Ether was priced around $1,567, valued at $151.42 million.

In March 2024, this investor transferred 70,000 ETH (over 72% of his initial investment) to the Kraken exchange, priced at $3,062/ETH, worth $214.34 million, leaving 26,639 ETH in the wallet, valued at $68.81 million.

This investor made a profit of $131.72 million.

This strategy, often referred to as “diamond hands,” involves holding investments through market volatility without selling.