The Ether whale started selling tokens on Sept. 16, with over $38 million in ETH still in its wallets. 

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.

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.

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.