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Ethereum’s diamond hand trader deposited Ether to Binance after holding the altcoin for nearly five years.
The trader acquired ETH at $400 and, after a 1,800-day wait, took $4 million in profits.
Ethereum nosedived to $1,740 on Binance after an 8% decline since June 5.
Ethereum network’s traders that have a relatively high-risk tolerance are termed “Diamond hands.” One of them held Ether for 1,800 days before booking a 400% profit. It is important to note that the sale of Ethereum by a diamond hand trader fuels a bearish outlook for the altcoin.
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Ethereum, the second-largest altcoin in the crypto ecosystem nosedived to $1,739 on Binance. The altcoin yielded over 8% losses for holders over the past week. The profit-booking trend accelerated among traders holding the altcoin for long periods of time.
Based on data from Dune Analytics, a diamond hand trader who acquired ETH in 2018 booked a 400% profit on Ether, selling the token after a 1,800-day holding period.
The large wallet investor deposited ETH to Binance, booking profits on Ether acquired in 2018. The token’s sale by long-term holders is considered bearish for the asset since it signals strategic investors are exiting positions in the altcoin, either in anticipation of further decline or a prolonged crypto winter.
Ethereum price plummeted from $1,893.51 on June 5 to $1,724.27 at the time of writing. This marks a decline of 8.9% since last Monday, and the altcoin is struggling to recoup its losses.
ETH is primed for further losses if selling pressure increases from long-term holders and diamond hands.
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