Amidst the cryptocurrency market turbulence, the 1inch Investment Fund boldly seized the opportunity to accumulate Ethereum at a discount, investing nearly $10 million in the second-largest cryptocurrency.
According to Lookonchain, a blockchain analytics platform, a wallet linked to the 1inch Network has accumulated 6,088 Ether at an average cost of $1,655 per transaction, translating to a purchase exceeding $10 million in value.
As per the transaction data, this substantial accumulation of Ether transpired today, coming just one month after 1inch’s recent cashing out from its dollar-cost averaging (DCA) acquisition in the initial quarter of 2023.
Moreover, insights from blockchain data pinpointed the accumulation of montums. The wallet acquired roughly 17,000 ETH across three occasions: January 13, February 9, and March 14. These trades were executed at an average price of $1,569, amounting to a total expenditure of approximately $26 million by the company.
During a swift Ether price surge to $1,906 on July 5th, the 1inch wallet made a notable move by selling approximately 11,000 ETH, yielding a total of $21 million. This resulted in a wallet profit of $3.7 million from Ether Trades alone.
It’s worth highlighting that the wallet’s digital assets currently amount to a total value of $80 million.
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