- 1inch invested a whopping $10 million on Ethereum.
- The protocol also has USDT, USDC, and UNI as investments.
Many crypto firms have a large stash of crypto investments, as they can make massive amounts of profits from trading them. Recently, it made the news as 1inch invest $10 million on Ethereum. This is quite huge, as the crypto market is facing a massive price decline.
1inch Invest $10 Million on Ethereum
- Popular on-chain data aggregator, Lookonchain flagged down a transaction linked to 1inch. So, on August 28, a crypto wallet associated with 1inch Investment Fund, “0x225d3822de44e58ee935440e0c0b829c4232086e,” made a purchase of 6,088 Ether (ETH). At the time of the buy, Ethereum’s price was around $1,655, and the total worth of the tokens was $10 million. Apparently, all these are according to data from Lookonchain.
- As 1inch invest $10 million on Ethereum, it made the news as it signifies a massive transaction for the token. Usually, when whales make massive transactions such as this, it shows increasing confidence in the market. However, Ethereum’s price remains largely bearish according to many charts.
ETH’s Price Remains Bearish Even as 1inch Invest $10 Million on Ethereum
- There’s no official reason yet, as 1inch invest $10 million on Ethereum. However, there’s no noticeable difference in Ethereum’s price since making this investment. Many had expectations of ETH’s price moving upward as 1inch invest $10 million on Ethereum.
- Since August 17th, the crypto market went down further with the decline. It saw more than $1 billion liquidation. Furthermore, top cryptocurrencies like Bitcoin and Ethereum had a massive price decline. For Ethereum, the price went from the $1800 range to $1600.
- According to the candlestick arrangements, there’s no sign that Ethereum will go back to the levels before the market crash. Moreover, the token price is relatively stable, with lighter trading volumes, but in a bearish formation. After making this investment at $1,655, the ETH’s price went lower. So, at the time of writing, Ethereum’s price was around $1645.
1inch is a Huge Fan of Ethereum
- Although it made the news as 1inch invest $10 million on Ethereum, it is not the first time doing so. Data from Lookonchain shows the decentralized exchange (DEX) aggregating protocol is an active Ethereum trader. Data shows their investment arm splashed 17,000 ETH worth $26.8 million on different dates in Q1 2023. Furthermore, data shows that 1inch has a flair for buying low and selling high.
- As 1inch invest $10 million on Ethereum, it is not the only token they have an interest in. Apparently, they have large amounts of USDT, USDC, and Uniswap tokens.
Conclusion
1inch is a decentralized exchange (DEX) aggregating protocol that provides a wide range of services for crypto enthusiasts. As 1inch invests $10 million in Ethereum, there are speculations of this investment making the ETH price increase. However, it is not going that way, as Ethereum still shows signs of bearish trends. Moreover, 1inch has other crypto holdings in USDT, USDC, and UNI.
–
Image by Freepik
