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The Ether whale started selling tokens on Sept. 16, with over $38 million in ETH still in its wallets.
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Own this piece of crypto history
Although complex trading strategies can generate significant profits for investors, a recent example from an Ether whale demonstrates that a straightforward buy-and-hold approach can also deliver impressive results.
In February 2016, Ether (ETH) traded at around $5 per token. Back then, an investor bought 16,636 ETH on the crypto exchange ShapeShift. Chinese crypto data account EmberCN said the tokens were acquired at $5.23 per token, putting the total cost at $87,006.
Trader moves millions in ETH after eight years. Source: Etherscan
The blockchain analytics account said that after holding for over eight years, the account started selling some of its holdings. On Sept. 16, the trader sold 350 ETH at $2,340 per token, putting its initial gain at $819,000, almost 10 times more than the capital.
The trader still has over $38 million in ETH after the sale.
Trader acquires $1.5 million NFT for 10 ETH
While a simple buy-and-hold strategy can work wonders with time, a more complex move has allowed a trader to purchase a $1.5 million non-fungible token (NFT) with only $23,000.
In 2020, fractionalization — splitting ownership of high-value digital collectibles — became a popular trend. One of the NFTs split into pieces back then was CryptoPunk #2386, a rare Ape-themed NFT with shades and a headband.
The NFT was split into 10,000 shares with 257 owners using a now-decommissioned platform called Niftex. While the platform is now defunct, its smart contracts continued to exist on the blockchain, allowing its features to function.
The smart contract includes a way for traders to propose a “shotgun” bid to acquire the fractionalized NFT by setting a purchase amount. If nobody counters the bid, the asset will be transferred to the bidder after 14 days.
On Aug. 28, a trader proposed a 10 ETH buyout for the blue-chip NFT. While some tried to block the attempt, the CryptoPunk was ultimately acquired.
Related: Lookonchain oopsie? The $2B of ETH was sold back in 2021 — EmberCN
Trader loses $43 million in ETH-BTC bet
While many earn money trading crypto, some lose millions when things don’t go as expected. On Sept. 14, blockchain analytics platform Lookonchain flagged that crypto millionaire James Fickel lost out on a $43-million bet, pushing his debt to $132 million.
The early ETH investor and founder of research firm Amaranth Foundation expected Bitcoin’s (BTC) price to rise against ETH. Because of this, the trader placed a bet on this expected outcome. However, Bitcoin outperformed ETH, making the investor lose on the bet.
Magazine: Decade after Ethereum ICO: Blockchain forensics end double-spending debate
This article first appeared at Cointelegraph.com News
