1inch Investment Fund Acquires $10M Worth of Ethereum

The wallet holds a significant amount of ETH alongside other cryptocurrencies worth around $80 million in its portfolio.

A crypto wallet associated with the 1inch Investment Fund has purchased a significant portion of Ethereum (ETH) worth around $10 million. The wallet, known for its calculated moves, acquired 6,088 ETH at $1,655. The move comes shortly after the wallet’s earlier dollar-cost averaging (DCA) buys during the first quarter of 2023.

Blockchain analysis platform Lookonchain, renowned for tracking profitable trades, detected and reported the transaction on X, former Twitter, on August 28, 2023.

1inch Buys $26 Million Worth of Ethereum over Three Months

Scrutinizing the wallet’s transaction history reveals a pattern of strategic accumulation and divestment of Ether. In more than three instances, on January 13, February 9, and March 14, the wallet purchased a total of 17,000 ETH at an average price of $1,569 per ETH, totaling around $26 million. This calculated approach suggests meticulous planning to capitalize on market movements.

However, the wallet’s tactics took an unexpected turn on July 5. The 1inch wallet strategically sold 11,000 ETH at $1,906 per ETH, reaping a substantial profit of about $3.7 million, showcasing the wallet’s ability to navigate market peaks while securing profits.

The wallet holds a significant amount of ETH alongside other cryptocurrencies worth around $80 million in its portfolio.

Market experts and enthusiasts are closely monitoring the wallet’s activities, with its moves potentially offering insights into broader market trends.

Crypto Whale Dumps $41 Million Worth of Ethereum

Meanwhile, 1inch is not the only entity that benefited from the recent surge in Ether last month.

Shortly after the wallet sold 11,000 ether on July 5, another crypto wallet belonging to an undisclosed whale offloaded ETH valued at $41 million just before the recent market downturn.

The crypto trader initiated a deposit of 22,341 ETH earlier this month, subsequently making a substantial withdrawal of approximately $41 million from Binance, the world’s largest exchange by market capitalization. Despite incurring a loss of roughly $1.7 million, the whale averted a potential loss of $5 million.

Last year, another company, Fenix International, the parent firm of subscription platform OnlyFans, entered the crypto space by acquiring ETH worth $20 million.

The company’s crypto investment spanned the period between 2021 and 2022, as indicated in documentation filed with the United Kingdom’s corporate registry.

Regrettably, by the end of November 2022, the initially substantial investment had diminished in value to approximately $8.5 million due to the 2022 crypto winter that wiped out billions of dollars from the industry.

While the entire market has slightly recovered from the lows recorded last year, their values are still far from the all-time highs recorded during the 2021 bull market.

At the time of writing, Bitcoin (BTC) and Ethereum (ETH) are currently trading around $26,000 and $1600, according to CoinMarketCap data.

Altcoin News, Blockchain News, Cryptocurrency News, Ethereum News, News

Chimamanda U. Martha

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

Source link

One thought on “1inch Investment Fund Acquires $10M Worth of Ethereum

Leave a Reply

Your email address will not be published. Required fields are marked *