An Ethereum (ETH) investor turned an $87,000 investment into almost $40 million by holding Ether for eight years. Back in February 2016, when Ethereum was trading at around $5 per token, the investor purchased 16,636 ETH on the now-closed crypto exchange ShapeShift. According to data shared by Chinese crypto analytics account EmberCN, the acquisition cost was $5.23 per token, totaling $87,006.
Fast forward to September 2024, the trader began to cash in on their long-term investment strategy. On September 16, the trader sold 350 ETH at a price of $2,340 per token. He made a profit of $819,000 from just a fraction of their holdings. Even after this sale, the trader retains more than $38 million worth of ETH.
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$1.5 Million Worth of NFT Acquired for Just 10 ETH
While holding digital assets like ETH can yield massive returns over time, some traders prefer a more dynamic approach. In a recent example of an non-fungible token (NFT) trading, an investor managed to acquire an NFT worth $1.5 million for a mere 10 ETH, equivalent to about $23,000.
An “Ape”-themed NFT that was fractionalized into 10,000 shares back in 2020. With 257 separate owners, the digital collectible was available in pieces on the now-defunct Niftex platform. Despite the platform’s closure, the smart contracts governing the ownership remained active on the blockchain, allowing traders to propose a “shotgun” bid—a buyout offer for the entire asset at a set price.
On August 28, a trader proposed a 10 ETH buyout for the blue-chip NFT through the smart contract’s “shotgun” bid feature. Despite attempts to block the purchase, the trader successfully acquired the CryptoPunk after a 14-day waiting period.
Not Everyone Gains, Some Lose As Well
However, the crypto market also has some risks. On September 14, blockchain analytics platform Lookonchain reported that crypto millionaire James Fickel lost $43 million on an ETH-BTC bet. Fickel, an early ETH investor and founder of research firm Amaranth Foundation, expected Bitcoin’s price to rise against ETH. When Bitcoin underperformed relative to ETH, Fickel’s bet backfired, increasing his total debt to $132 million.
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