Ethereum’s diamond fifty trader deposited ETH on Binance after holding it for nearly five years. The trader bought the leading altcoin project at $400 about 1,800 days ago. After this long wait, the trader made a profit of 4 million dollars. Meanwhile, Ethereum has seen an 8% drop since June 5.
Ethereum’s diamond fifty trader profits from five years of holdings
‘Diamond hands’ is a phrase used for traders of the Ethereum network with a relatively high risk tolerance. One of them chose to hold Ether for 1,800 days before making a 400% profit. It is worth noting that the sale of Ethereum by a diamond hand trader fueled the bearish outlook for the altcoin.
Meanwhile, Ethereum, the largest altcoin in the crypto ecosystem, dropped to $1,739 on Binance. In addition cryptocoin.com As you follow, altcoin has lost over 8% to its holders over the past week. This has increased the tendency to book profits among traders who have held the altcoin for a long time. According to data from Dune Analytics, a diamond hand trader who bought ETH in 2018 sold the token after 1,800 days of holding, making a 400% profit from Ether. In this context, Dune Analytics shared the following on its Twitter account:
A Diamond Hand has deposited more and more ETH on Binance in recent weeks. He bought it from exchanges in 2018 for $ 400. After holding 1800 days, it looks like he decided to make $4 million in profit (400%).
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
Thus, the major wallet investor invested ETH on Binance, making a profit from the Ether he bought in 2018. The sale of the token by its long-term holders indicates that strategic investors are exiting their positions in the altcoin in anticipation of either further declines or a long crypto winter. Therefore, it is considered a bearish sign for the respective altcoin.
Altcoin price has fallen continuously since June 5
Ethereum price dropped from $1,893.51 on June 5 to $1,724.27 at the time of this writing. This marks an 8.9% drop since last Monday. However, the altcoin is struggling to make up for its losses. According to experts, it is possible for ETH to suffer further losses if the selling pressure from long-term holders and diamond hands increases.
