Early whales hoarded Ethereum and sold it after 8 years
On-chain analyst Ember recently discovered that an early crypto whale bought Ethereum ($ETH) in large quantities at very low prices in 2016. After holding it for 8 years, he recently began to gradually sell it and received amazing rewards. .
Ember noted that in 2016, the investor bought 21,636 Ethereum coins at an average price of $6.9, for a total investment of approximately $149,800. At that time, he withdrew the ether from the ShapeShift and Poloniex exchanges and placed it in a self-hosted wallet.
For eight years, the whale’s wallet remained dormant until May 2024 when it began selling coins. At that time, he sold 2,900 Ethereum coins for $2,980 and exchanged them for 8.64 million $LUSD (a U.S. dollar stablecoin).
In the last five days, the investor sold an additional 10,485 Ethereum coins, earning $27.53 million. As of October 1, all his Ethereum holdings were sold out, earning a total of US$58.14 million. After deducting costs, he made a profit of approximately US$58 million, equivalent to approximately NT$1.8 billion.
Ember noted that his ether sold for an average of $2,688, which is a 387x increase from the average purchase price of $6.9.
Source: X Embers: Early giant whales hoarded Ethereum and sold it after 8 years
According to Ember’s tracking, the whale currently has $49.5 million held in six wallet addresses. Readers who are interested in the whale's movements can track him through this wallet address, which lists the address where he transferred US dollar stablecoins.
Source: Arkham Embers Tracking Ethereum Whale Post-Sale Address
Another giant whale also made a profit by buying Ethereum at the bottom of the bear market
In addition to the above long-term holding cases, another recent investment case is equally eye-catching.
"CryptoCity" previously reported that on-chain analyst Lookonchain discovered a whale who boldly bought Ethereum at the bottom during the bear market and made more than NT$4 billion in profits in less than two years.
Between September 3 and 4, 2022, when the price of Ethereum was approximately $1,567, the whale (address 0x682A) bought 96,639 Ethereum coins from the Coinbase exchange, with a total investment cost of $151.42 million.
By March 2024, when Ethereum reached $3,062, he moved 70,000 of those Ether coins to the Kraken exchange. The market value of this batch of Ethereum has reached $214.34 million, far exceeding the original investment cost.
Both cases highlight the potential of “HODL” (hold for the long term) strategies in the cryptocurrency market. Whether you buy at low prices in the early stages and hold them for a long time, or you boldly buy the bottom during the bear market, as long as investors can remain patient and make decisions at the appropriate time, they will have the opportunity to obtain considerable returns.
Finding a currency to hold for the long term is not easy
However, in a cryptocurrency market that is highly volatile and narratives change quickly, it is not easy to find coins that can be held for a long time. If the coin you pick is a high-risk meme coin, it may have a different fate.
"Crypto City" has previously reported on an investor who impulsively invested in a meme coin due to FOMO and ended up losing more than NT$20 million; however, there were also investors who invested in Shiba Inu Coin ($SHIB) early on and were lucky with this coin. Until now, the price growth has been impressive, so I have received amazing rewards.
Further reading:
Don’t get FOMO! He impulsively traded "this coin" and suffered huge losses. He spent NT$29 million on diamonds in 4 hours and made a huge profit of 47,592%! He spent 2,700 mg to buy Shiba Inu coins and held them for three years, and made a profit of 1.24 million mg after selling them.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice. There are huge risks in investing in meme coins, and the principal invested may return to zero. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
