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.
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