An investor who held onto Ether (ETH) through the 2022 bear market has emerged with a staggering profit of $131.72 million, proving the power of patience in the volatile world of cryptocurrency. Blockchain analytics firm Lookonchain identified the Ether wallet of this “diamond hands” investor, a term referring to those who hold onto their assets through market ups and downs, resisting the temptation to sell during uncertain conditions.
The investor initially acquired 96,639 ETH between September 3 and 4, 2022, when the price of Ether was hovering around $1,567. This amounted to a total investment of $151.42 million in the midst of a bear market, a bold move at a time when many were exiting the market or reducing their exposure due to price volatility and uncertainty.
Fast forward to March 2024, and the investor made a strategic move, transferring 72% of their holdings—70,000 ETH—to the Kraken exchange in a series of transactions. At the time of this transfer, Ether’s price had risen to $3,062, making the transferred assets worth a hefty $214.34 million. The investor still retains 26,639 ETH in their wallet from the original purchase, currently valued at $68.81 million, showcasing the substantial gains made by holding through turbulent market conditions.
This case is a textbook example of the “buy-the-dip” strategy that has rewarded crypto investors over the long term. In fact, similar stories continue to surface. One Shiba Inu (SHIB) investor, who also demonstrated diamond hands, made a profit of $1.1 million on an initial investment of just $2,625. The investor had purchased 48.09 billion SHIB tokens back in February 2021, using 2 ETH to acquire them. After holding the tokens for 3.5 years, the investor finally cashed out, exchanging their SHIB for 278.7 ETH, netting a 419x return on their initial investment.
These stories of substantial profits echo across the cryptocurrency space, even with the rise of memecoins like Pepe (PEPE). In one notable case, a savvy investor turned a $3,000 investment in Pepe into $46 million, capitalising on a surge in the price of memecoins linked to the reemergence of the GameStop saga.
These examples underscore a broader trend: patience and the willingness to weather market volatility can lead to life-changing returns in the cryptocurrency world. Whether it’s Ether or memecoins like SHIB and PEPE, the strategy of holding strong during bear markets continues to reward those who can resist the urge to sell during uncertain times.
