An ETH trader made tremendous profits while liquidating only a portion of their holdings, which they acquired in 2016.
An early ETH holder, who bought the tokens when they were worth just $5, decided to liquidate some of their holdings. They sold 350 ETH, worth around $819,000 at today’s prices.
Compared to the acquisition cost of the 16,636 ETH they bought in February 2016, the 350 ETH transaction netted them over ten times what they paid for their entire holdings. They bought each ETH token at an average price of $5.23 per asset, which adds up to $87,006 for the 16,636 ETH. The user bought the crypto from the ShapeShift exchange.
Etherscan data shows the trader moving millions of dollars in ETH around.
Their wallet has had the ETH for eight years, during which the asset’s price has risen from single figures to four digits. After their present sale of some of their ETH, they are still left with over $38 million of the asset.
NFT Enthusiast Bags $1.5 Million NFT for $23,000
While that marked an investor taking the simplest approach of acquiring a crypto asset and holding it for profits, an NFT enthusiast pulled off a stunt, allowing them to net a rare CryptoPunk token worth $1.5 million for just 10 ETH. Their cost amounts to just $23,000.
The NFT, CryptoPunk #2386, was a fractionalized asset, meaning numerous users could buy parts of the token. Those holding fractions of this NFT acquired it from the now-defunct Nitfex platform, which offered 10,000 fractions, or shares, of the asset. 257 users held these shares.
Despite the platform shutting down, its smart contracts remain active, allowing users to bid for the fractions or the entire NFT. A Nitfex contract enables users to place shotgun bids through which they can bid on all fractions of an NFT issued on the platform. However, if nobody denies the bid within 14 days, the user making it can acquire the entire NFT. And that is what occurred in this case. Looks like those holding fractions of this NFT did not decline the bid, allowing the one user to get their hands on a seven-figure NFT for a little over $20,000.
