An investor has managed to turn a $151.42 million investment in Ether (ETH) into a $131.72 million profit over the course of two years.
According to blockchain sleuth Lookonchain, the investor made the purchase during a bear market on September 3 and 4, 2022, buying 96,639 ETH from Coinbase at a price of around $1,567 per coin.
Fast forward to 2024, and Ether's price had surged to $3,062. Since March, the investor has gradually transferred 70,000 ETH—roughly 72% of their original holdings—to the Kraken crypto exchange through several transactions. At the higher market price, this portion was valued at $214.34 million, resulting in a significant profit.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Store NFTs in 2023 (3 Most Secure Ways Explained)
Despite transferring a large portion of their holdings, the investor still holds 26,639 ETH in their wallet from the initial buy, worth approximately $68.81 million at current prices.
This massive profit underscores the potential rewards of patient investing, especially during times of market volatility. The investor's strategy of holding onto their assets while others may have panicked allowed them to ride out the market fluctuations and realize significant gains.
In other news, in May, a separate trader turned $2,275 into $2.26 million within eight hours by investing in a memecoin. However, some X users raised suspicions, suggesting the trader may have been an insider.
