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While complex trading strategies are often associated with high profits, a recent Ether (CRYPTO: ETH) whale’s straightforward approach proves that simplicity can also yield substantial returns.
What Happened: In February 2016, when Ether was trading at around $5 per token, an investor purchased 16,636 ETH through the crypto exchange ShapeShift, according to Chinese crypto data account EmberCN.
The total cost at the time was approximately $87,006, with each token acquired at $5.23.
After holding the tokens for over eight years, the investor recently began selling off parts of their holdings.
On Sep. 16, they sold 350 ETH at a price of $2,340 per token, yielding an impressive gain of $819,000—nearly ten times the original investment.
Also Read: Bitcoin Dips Below $59K Despite $436M Net ETF Inflows Last Week
Despite the sale, the trader still holds over $38 million worth of ETH, demonstrating the power of a long-term buy-and-hold strategy in the volatile crypto market.
In contrast, more intricate trading strategies can also result in significant gains, as seen in the case of an NFT trader who acquired a $1.5 million CryptoPunk for just 10 ETH (around $23,000).
This success story traces back to 2020 when fractional ownership of high-value digital assets gained popularity. CryptoPunk #2386, a rare Ape-themed NFT, was split into 10,000 shares among 257 owners on the now-defunct platform Niftex.
In August 2024, a trader successfully acquired the full NFT by placing a “shotgun” bid using a smart contract, ultimately securing the asset despite resistance from other stakeholders.
Not all trading stories end on a positive note, however.
On Sep. 14, blockchain analytics platform Lookonchain reported that James Fickel, a crypto millionaire and early ETH investor, lost $43 million in a bet that Bitcoin would rise faster than ETH.
His unsuccessful wager added to his growing debt, which now totals $132 million, underscoring the risks involved in speculative trades.
What’s Next: The timing of these developments is crucial as Benzinga's Future of Digital Assets event on Nov. 19 approaches.
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Image: Shutterstock
Posted In: $ETH
