On August 28, the encrypted wallet “0x225d3822de44e58ee935440e0c0b829c4232086e” associated with 1inch Investment Fund, purchase Data from blockchain analytics platform Lookonchain showed that 6,088 ether (ETH) were bought for $1,655 in a transaction that cost $10 million.
The fund is connected to 1inch Network, a decentralized exchange (DEX) aggregation protocol that is also one of the largest in total value locked (TVL).
Big Players Buy ETH But Prices Are Under Pressure
The 1inch investment fund has yet to say why they decided to buy ethereum, as prices generally looked depressed with losses about ten days ago. On Aug. 17, ETH fell along with bitcoin and the broader cryptocurrency market.
ETH is down about 15%, retreating from around $1,800, and has yet to retest those levels at spot rates.
The ETH candlestick arrangement for August 28 shows that the token is still in a tight consolidation, moving horizontally and confined within the bearish candlestick of August 17. Prices are relatively stable with low volume but in a bearish pattern.
As of this writing, ethereum is changing hands at around $1,650, slightly below the spot price at which the fund bought the token earlier today.
The move by the 1inch investment fund, while overly bullish on ETH, has yet to spark demand and lift the coin out of its current consolidation. The coin is heading lower and the path of least resistance remains south.
Overall, the apparent bearish bar could shape the medium-term pattern unless there is a shift in demand that pushes Ethereum above $1,900.
1inch Investment actively trading Ethereum
Earlier, Lookonchain flagged several transactions related to the fund. For example, the tracker shows 1inch Investment cumulatively purchased 17,000 ETH worth $26.8 million on various dates in the first quarter of 2023.
The average price at the time was $1,569. They liquidated 11,000 ETH worth $21 million at $1,906 for a profit of about $3.7 million.Now 1inch Investment Fund have 9,453 ETH is worth $15.61 million at the spot exchange rate.
In addition to accumulating ETH, 1inch investment fund hold According to Etherscan, there are more than 23 other tokens. As of August 28, one of their largest holdings was USDT worth over $31.75 million. USDT is the most liquid stablecoin in the world.
They also hold a large amount of Uniswap’s governance token UNI, worth more than $1.85 million, and only hold a small amount of USDC, worth $52. Similar data for Debank programme The fund has $80.3 million in digital assets.
Feature image via Canva, chart via TradingView
