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Home BREAKING NEWS

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

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.

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