The 1inch Investment Fund’s crypto wallet has made a substantial purchase of Ether.
Lookonchain – the popular blockchain analysis platform – highlighted the transactions and revealed that the wallet acquired 6,088 ETH at an average price of $1,655. In doing so, the wallet associated with the DEX aggregator spent over $10 million.
- Blockchain data pointed out that 1inch’s wallet purchased a total of 17k ETH, worth 26.8 million, at an average price of $1,569 on three occasions – January 13, February 9, and March 14.
- It then sold 11k ETH, roughly amounting to $21 million, when the price of the largest altcoin surged to $1,906 on July 5 and made a profit of $3.7 million in the process.
- Currently, the wallet in question holds more than $80 million worth of crypto-assets such as USDT, UNI, USDC, DAI, etc., in addition to Ether.
- The move comes just a month after completing its dollar-cost averaging (DCA) transactions during the initial months of 2023.
- Ether, on the other hand, has been on a bearish streak since the second week of July. The recent market dump further extended the altcoin’s downside, which has prompted considerable accumulation among retail traders.
- According to a recent Glassnode alert, the retail investors – addresses holding at least 10 ETH – have been amassing the token at the current levels. As a result, this cohort just reached a 4-week high.
- In addition to retail accumulation, Ether’s whale activity has also spiked to its highest in 16 weeks.
- Santiment’s analysis found that addresses holding between 10 and 10,000 ETH surged to 355,000 even as the price struggles below $1,700.