Long-Dormant Ethereum Wallet Rakes in $8.66 Million Profit
According to crypto tracker Lookonchain, the wallet acquired the Ethereum for just $1.38 million at a price of $277 per ETH, a far cry from the asset’s current value.
The long-dormant Ethereum wallet has recently come to life, making a significant profit after selling 5,001 ETH that it purchased back in 2017.
It held onto its Ethereum through multiple market cycles, including the bull runs that saw ETH reach its all-time high of $4,878 in November 2021. Had the owner decided to sell at that peak, they would have seen a jaw-dropping profit of $23 million.
Instead, the wallet holder held out longer, eventually selling 3,000 Ethereum in early March and the remaining 2,001 ETH earlier this week. According to Arkham, a crypto data platform, these transactions marked the end of the wallet’s long-term hold, securing a total profit of $8.66 million.
Conclusion: A Story of Patience and Profit
This Ethereum wallet’s long-term hold demonstrates the potential rewards for early investors who are able to withstand market fluctuations. From buying at $277 per ETH in 2017 to making millions of dollars in profit years later, this sale is another testament to Ethereum’s potential as a profitable investment for those who can weather the volatility of the crypto market.
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As Ethereum continues to play a major role in the digital asset space, stories like this highlight the potential for significant gains, even in a market that can be notoriously unpredictable.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
