A crypto investor has recently made a massive $131.72 million profit from the market by employing a simple but yet courageous strategy. Using the strategy known as “diamond hands,” the said investor held onto their Ethereum (ETH) investment for two years. That is, from the extremely harsh bear market of 2022 up until now.
For sticking with the strategy and not panicking during price dips, the lucky investor has now been rewarded with the kind of huge success that the crypto market is known for.
Ethereum Investor Reaps Massive Gains from Diamond Hands
According to blockchain analytics firm Lookonchain, the investor in question bought 96,639 ETH from the American crypto exchange Coinbase. This was in early September 2022.
At the time, ETH was still trading at $1,567 per coin, meaning that they splashed about $151.43 million on the investment.
The move was even more impressive because it came during a difficult time in the crypto market. This was a period when many investors were offloading their assets for fear of the unknown. Interestingly, however, the whale in question moved differently, choosing to go in the opposite direction of the trend.
Two years on, the investor first transferred 70,000 ETH — roughly 72% of the initial investment, onto the Kraken exchange in March. At that point, the asset’s price had already doubled and was trading at $3,062.
That transfer alone was worth $214.34 million, meaning that the individual had already recorded substantial gains on the original investment.
Presently, the investor still holds 26,639 ETH, which is valued at around $68.81 million. This case goes to show the reason why some market participants decide to hold on to their assets, even when it doesn’t feel comfortable to do so.
A New Trend in Crypto Profits
It might be worth noting that the diamond hands strategy is gradually becoming popular among investors. Recently, another diamond hands trader made headlines for turning a $2,625 investment in Shiba Inu (SHIB) into a whopping $1.1 million. That is, after holding onto their tokens for over three years.
These success stories, without a doubt, show a pattern that more investors may be beginning to recognize and embrace the “buy-the-dip” mentality.
Invariably, this means that before long, diamond hand strategies will likely increase in popularity to become widespread in the crypto industry.
