July 16, 2024
1inch Investment Fund acquires $10 million worth of Ether.
Altcoins News

1inch Investment Fund Makes $10 Million Ether Purchase Following Successful Trading Strategy

One month after completing dollar-cost averaging (DCA) transactions during the initial quarter of 2023, a crypto wallet owned by the 1inch Investment Fund has made significant purchases of ether. The transaction was highlighted by Lookonchain, a blockchain analysis platform that tracks and shares successful trades. As per Lookonchain, the wallet associated with 1inch acquired a total of 6,088 ETH at a cost of $1,655 each, amounting to a purchase expenditure exceeding $10 million. This purchase followed the wallet’s profit-taking from earlier ETH transactions.

Based on blockchain records, the wallet initially procured approximately 17,000 Ethereum on three occasions, that is, January 13, February 9, and March 14, with an average price of $1,569, resulting in a cumulative investment of about $26 million. Subsequently, when the value of ether reached $1,906 on July 5, the wallet divested roughly 11,000 ETH for a total of $21 million. This yielded a profit of $3.7 million from ether trading alone. Presently, the wallet holds a diversified digital asset portfolio valued at $80 million.

Notably, on August 18, a significant crypto holder sold $41 million worth of ETH shortly before the recent market downturn. Earlier in the same month, this trader had deposited 22,341 ETH into the Binance exchange, later withdrawing approximately $41 million. Despite incurring losses of around $1.7 million, the trader managed to avert a potential $5 million loss.

Meanwhile, Fenix International, the parent company of the subscription platform OnlyFans, had invested $20 million in ETH during 2021 and 2022. However, by November 2022, the investment had dwindled in value to roughly $8.5 million, according to documentation filed with the United Kingdom corporate registry.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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