Ethereum trader takes $4 million in profits after five years of holding

Ethereum’s diamond hand trader deposited Ether to Binance after holding the altcoin for nearly five years.
The trader acquired ETH at $400 and, after a 1,800-day wait, took $4 million in profits.
Ethereum nosedived to $1,740 on Binance after an 8% decline since June 5.

Ethereum network’s traders that have a relatively high-risk tolerance are termed “Diamond hands.” One of them held Ether for 1,800 days before booking a 400% profit. It is important to note that the sale of Ethereum by a diamond hand trader fuels a bearish outlook for the altcoin.

Also read: CRV price at risk of collapse even as founder takes measures to fight liquidation

Ethereum diamond hand trader books profit on five-year-old holdings

Ethereum, the second-largest altcoin in the crypto ecosystem nosedived to $1,739 on Binance. The altcoin yielded over 8% losses for holders over the past week. The profit-booking trend accelerated among traders holding the altcoin for long periods of time.

Based on data from Dune Analytics, a diamond hand trader who acquired ETH in 2018 booked a 400% profit on Ether, selling the token after a 1,800-day holding period.

A Diamond Hand has increasingly deposited $ETH to @binance in recent weeks.

It bought from exchanges back in 2018 at $400.

After 1800 days of holding, seems it decided to take $4M profit (400%) pic.twitter.com/L3a8TPUtmS
— The Data Nerd (@OnchainDataNerd) June 12, 2023

The large wallet investor deposited ETH to Binance, booking profits on Ether acquired in 2018. The token’s sale by long-term holders is considered bearish for the asset since it signals strategic investors are exiting positions in the altcoin, either in anticipation of further decline or a prolonged crypto winter.

Ethereum price declined consistently since June 5

Ethereum price plummeted from $1,893.51 on June 5 to $1,724.27 at the time of writing. This marks a decline of 8.9% since last Monday, and the altcoin is struggling to recoup its losses.

ETH is primed for further losses if selling pressure increases from long-term holders and diamond hands.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram