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Home BREAKING NEWS

Ether Whale Gains $819,000 After Holding for Eight Years; Trader Moves Millions

Matoy by Matoy
September 16, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • A simple buy-and-hold strategy by an Ether whale resulted in $819,000 in profits.
  • A trader bought a $1.5 million NFT with only 10 ETH, leveraging smart contract features.
  • A crypto millionaire lost $43 million after betting on Bitcoin’s rise against Ether.

A recent example of an Ether whale’s trading success showcases the value of a long-term buy-and-hold strategy. In February 2016, when Ether (ETH) was priced at just $5 per token, an investor purchased 16,636 ETH on the crypto exchange ShapeShift. According to blockchain analytics from EmberCN, the total investment at that time was $87,006. After holding onto the tokens for over eight years, the investor finally decided to sell a portion of their holdings.

Ether Whale’s Eight-Year Holding Pays Off

On September 16, the trader sold 350 ETH at a price of $2,340 per token, gaining an impressive $819,000 from the initial purchase. This return represents nearly 10 times the original capital. Despite this sale, the trader still holds a considerable amount of ETH worth over $38 million.

Buying a $1.5 Million NFT with Just 10 ETH

While long-term holding can deliver impressive results, more complex strategies can yield even more unexpected returns. A trader recently used a smart contract mechanism to buy a rare NFT—CryptoPunk #2386—worth $1.5 million for just 10 ETH (approximately $23,000). The NFT had been fractionalized into 10,000 shares using the now-defunct platform Niftex. However, the smart contracts remained active on the blockchain, allowing the trader to propose a buyout. After some unsuccessful attempts to block the purchase, the trader successfully acquired the NFT.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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