On August 28, a crypto wallet associated with 1inch Investment Fund, “0x225d3822de44e58ee935440e0c0b829c4232086e”, bought 6,088 Ether (ETH) at $1,655 spending $10 million on the trade, data from Lookonchain, a blockchain analysis platform, shows.

The fund is linked with 1inch Network, the decentralized exchange (DEX) aggregating protocol that is also one of the largest platforms by total value locked (TVL).

Big Players Buying ETH But Prices Under Pressure

1inch Investment fund has not laid down the reason behind their decision to buy Ethereum when prices generally appear depressed following losses roughly ten days ago. On August 17, ETH, like Bitcoin and the broader crypto market, dropped.

ETH lost roughly 15%, pulling back from around $1,800, and is yet to retest those levels at spot rates.

ETH price on August 28| Source: ETHUSDT on Binance, TradingView

ETH candlestick arrangement on August 28 shows that the coin remains in a tight consolidation, moving horizontally and confined inside the August 17 bear candlestick. Prices are relatively stable, with lighter trading volumes, but in a bearish formation.

Ethereum is also changing hands at around $1,650 when writing, marginally lower than the spot price at which the fund scooped the coin earlier today.

1inch Investment fund move, while overly optimistic for ETH, is yet to spark demand and lift the coin from the current consolidation. The coin is lower, and the path of least resistance remains southwards.

Overall, the conspicuous bear bar could shape the medium-term formation unless there is a shift in demand, lifting Ethereum above $1,900.

1inch Investment Actively Trades Ethereum

Earlier, Lookonchain flagged several transactions associated with the fund. For instance, the tracker shows that the 1inch Investment cumulatively bought 17,000 ETH worth $26.8 million on different dates in Q1 2023.

The average price, at that time, stood at $1,569. They liquidated 11,000 ETH at $1,906 for $21 million, realizing roughly $3.7 million in profit. 1inch Investment Fund now has 9,453 ETH valued at $15.61 million at spot rates.

Inch Investment Fund ETH stash: Etherscan

Besides accumulating ETH, 1inch Investment Fund holds over 23 other tokens, according to Etherscan. One of their largest holdings, as of August 28, is USDT worth over $31.75 million. USDT is the world’s most liquid stablecoin.

They also have a significant holding of Uniswap’s governance token, UNI, worth over $1.85 million, and only a minuscule amount of USDC, worth $52. Similar data from Debank shows that the fund owns $80.3 million of digital assets.

1inch Investment Fund holding: Debank

The post 1inch Investment Fund Just Bought $10 Million of Ethereum (ETH), Why are Big Boys Stacking? appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ August 29, 2023 2:13 am