The recent rise and fall of ETH has stimulated some investors to get out. Many people blindly follow the trend, buy ETH when it rises, and sell it in panic when it falls. However, such actions can be dangerous and result in significant losses.
Account “dumb money” Hole $2 million for half a year.
A trader used $12.25 million in USDC to buy 7,135 ETH between September 9 and 12, 2022, when the price of ETH rose by 10%. Unfortunately, the price started to drop shortly afterward, and he sold it all in a panic on September 16, only to get back $10.51 million. So, this person lost $1.74 million in just one week.
The same trader then bought 4,489 ETH for $7.65 million on Feb. 16, when the price of ETH was up 10%. However, when the price dropped again, he sold it all in a panic and only got back $7.33 million. This resulted in a loss of 324,000 USDC in just one week.
This behavior cost traders over $2 million in just half a year due to blind buying and panic selling. This is a cautionary tale for other investors who may be heading down the same path.
It’s important to remember that a missed buying opportunity isn’t the end of the world. In the investment world, patience is a precious asset, waiting for the next opportunity is a wiser choice than blindly buying with the trend.
550,000% ROI: Alexis Ohanian Turns 15.000 USD increased to USD 82 million Ethereum
However, there is no shortage of examples of ETH transactions that turned traders into millionaires.
Reddit co-founder and executive chairman Alexis Ohanian revealed that he was an early ETH investor and bought 50,000 tokens during the 2014 presale.
Alexis Ohanian – Co-founder of Reddit
His fortune is now worth nearly $82 million.
The 39-year-old businessman and investor of Armenian descent said the tragic history of his ancestors is one of the main reasons he loves the crypto industry.
In a recent interview with Forbes, he recounted how his great-grandparents were beheaded by Turkish soldiers during the Armenian genocide in 1915. The Ottomans also confiscated his family’s heirloom tapestries and many other personal items.
Therefore, Ohanian is very supportive of assets that cannot be misappropriated by centralized institutions:
“The idea of a group of people forming a collective consciousness or history of being suppressed, especially by the state, making a store of value unregulated by any single state becomes very attractive. So, in a way, it’s on my mind ingrained in me to embrace the idea of a decentralized currency.”
Ohanian learned that the ethereum blockchain protocol launched nearly a decade ago and has invested $15,000 in the ETH native token. This means he bought it at about $0.30.
His investment is now worth about $82 million, a staggering 546,000% return. However, Ohanian wishes he had bought more at the time:
“Looking back, I didn’t put in as much investment as I should have.”
He revealed in 2021 that he owns “a lot” of ETH, but gave no further details.
In addition to co-founding Reddit, Ohanian founded another entity, the venture capital firm 776. The company raised $500 million to invest in crypto startups in early 2022, and followed up with a $177 million fundraise a few months later.
Ohanian is also a supporter of NFTs. Last summer, he purchased an NFT from the Bored Ape Yacht Club (BAYC) collection and gifted it to his wife, tennis superstar Serena Williams.
- What’s next for ETH as it hits resistance at a long-term bullish reversal point?
- Ethereum Shapella upgrade scheduled for February 28, paving the way for ETH unstake
- Vietnam ranks 9th globally in number of cryptocurrency holders
According to Kyptos