Lookonchain reported that an investor who bought Ethereum years ago at $18.80 sold another 1,000 ETH, bringing their total profit to about $8.8 million when their remaining holdings are included.
According to a September 29 post by the on-chain analytics platform, the investor initially spent about $56,500 for 3,000 ETH. The investor reportedly most recently sold 1,000 ETH worth about $2.68 million, bringing total sales to 2,000 ETH.
Lookonchain calculated that the sales were made at an average price of $3,096, generating about $6.19 million in proceeds. The on-chain record accompanying the post shows that the last 1,000 ETH was sent to a Kraken deposit address.
Still holds 1,000 ETH despite the sales
The investor still holds 1,000 ETH, one-third of the original amount purchased. The value of this balance at the time of the post was reported to be about $2.67 million.
Combined, the sale proceeds and the value of the remaining ETH amount to about $8.86 million. After subtracting the initial cost, the total profit comes to about $8.8 million. The calculation, which Lookonchain described as a 156x return, includes both the gains from sales and the value of the ETH that has not yet been sold.
Not investment advice.