The Ether whale acquired 16,636 ETH on the ShapeShift crypto exchange at $5.23 per token in 2016, now worth over $40 million in 2024.
A recent example from an Ether whale demonstrates that a straightforward buy-and-hold approach can also deliver remarkable results, although complex trading strategies can generate significant profits for investors.
Ether was trading at approximately $5 per token in February 2016. At that time, an investor acquired 16,636 ETH on the ShapeShift cryptocurrency exchange.
EmberCN, a Chinese crypto data account, reported that the tokens were acquired at $5.23 per token, resulting in a total cost of $87,006.
The blockchain analytics account reported that it began selling some of its holdings after possessing them for over eight years.
The trader sold 350 ETH at $2,340 per token on September 16, resulting in an initial gain of $819,000, nearly ten times the capital.
After the transaction, the trader still possesses more than $38 million in ETH.
Trader acquires $1.5 million in NFT for 10 ETH
Although a straightforward buy-and-hold strategy can yield significant results over time, a more intricate maneuver has enabled a trader to acquire a $1.5 million non-fungible token (NFT) for a mere $23,000.
Fractionalization, which involves the division of possession of high-value digital collectibles, became a popular trend in 2020.
CryptoPunk #2386, an uncommon NFT with a headband and shades, was one of the NFTs that became fragmented then.
The NFT was divided into 10,000 shares and distributed to 257 proprietors through a platform known as Niftex, which has since been decommissioned. The smart contracts of the platform, which are now defunct, continued to exist on the blockchain, enabling its features to function.
The smart contract allows traders to establish a purchase amount to propose a “shotgun” proposal to acquire the fractionalized NFT. If no one contests the proposal, the bidder will receive the asset after 14 days.
A speculator proposed a 10 ETH buyout for the blue-chip NFT on August 28. Although some attempted to obstruct the acquisition, the CryptoPunk was ultimately acquired.
Trader loses $43 million on an ETH-BTC wager
Although many individuals profit from cryptocurrency trading, others incur substantial losses when circumstances do not unfold as anticipated.
On September 14, the blockchain analytics platform Lookonchain reported that crypto millionaire James Fickel had lost a $43 million wager, resulting in a $132 million debt.
The proprietor of the research firm Amaranth Foundation and an early investor in ETH anticipated that Bitcoin’s price would increase compared to ETH.
Consequently, the merchant placed a wager on the expected outcome. Nevertheless, Bitcoin outperformed ETH, resulting in the investor’s loss on the wager.
