In addition to operating a decentralized exchange, 1inch is also dedicated to investing in cryptocurrencies.
Days ago OnlyFans announced that it is also making investments in ETH.
Mutual fund 1inch has made a new step in the Ethereum market. Last night he bought 6,088 Ether (ETH) at an average price of $1,655 (USD) per coin.
This purchase was recognized by the browser Lookonchain, means investing more than $10 million in ETH. In doing so, 1inch once again showed its optimistic expectations for the future of the coin.
Previously, This fund had made other multi-million dollar acquisitions of ETH which was later partially sold to take profits.
During the first quarter of the year, 17,000 ETH ($26.8 million) were bought at an average price of $1,569 per coin. One such purchase was made via three transactions on January 13th, February 9th and March 14th. After that, on July 5, he sold 11,000 ETH ($21 million) at $1,906 per unit.
This sale gave 1inch a profit of $3.7 million. With this in mind, it can be interpreted that the fund’s current purchase may have been made to take profit again if the price of ETH rises.
1 inch now has more than 9,000 ETH
Currently, between the last purchase and what he keeps from, 1inch has 9,453 ETH in its portfolio, which is just under $15.6 millions. According to the researcher, this is the most money he has ever invested in a volatile cryptocurrency. debank.
This multimillion-dollar 1-inch buy comes just over a week after ETH fell to around $1,650after spending between $1,700 and $2,000 for two months.
Although the fund has not commented on its new acquisition, the initiative fuels market excitement about the multi-million dollar investment and its role in the ecosystem. 1Inch is a decentralized cryptocurrency exchange.which is also dedicated to the investment and trading of such assets.
1inch’s move joins a string of other institutional activities, such as the $20 million ETH purchase that was recently revealed on video platform OnlyFans. Meanwhile, as reported by CriptoNoticias, investment firms like Hashdex have reported medium- and long-term bullish forecasts for the cryptocurrency.