1inch Investment Fund Buys 6,088 ETH at $1,655
A crypto wallet associated with 1inch Investment Fund recently purchased 6,088 Ether (ETH) for $10 million. The fund is linked with 1inch Network, a decentralized exchange aggregating protocol. However, the reason behind their decision to buy Ethereum at a time when prices are under pressure is unclear. ETH, like Bitcoin and the wider crypto market, experienced losses around ten days ago, dropping by roughly 15%. Currently, ETH remains in a bearish formation, with prices stable but in a tight consolidation.
Medium-Term Formation Depends on Demand
Despite the significant purchase by 1inch Investment Fund, there has been no noticeable impact on ETH’s price or demand. The coin is still lower, and the path of least resistance appears to be downwards. Unless there is a shift in demand that lifts Ethereum above $1,900, the current bearish formation could shape its medium-term trajectory.
1inch Investment Fund’s Active Trading
1inch Investment Fund has made several transactions involving ETH. In Q1 2023, they bought 17,000 ETH worth $26.8 million and sold 11,000 ETH at a profit of roughly $3.7 million. Currently, the fund holds 9,453 ETH valued at $15.61 million. In addition to ETH, they hold over 23 other tokens, including significant amounts of USDT and Uniswap’s governance token, UNI.
Hot Take: ETH Price Remains Under Pressure
Despite the purchase by 1inch Investment Fund, the price of ETH continues to face downward pressure. The current consolidation and bearish formation suggest that the coin’s value may remain relatively stable in the short term. However, a shift in demand is necessary to lift Ethereum above $1,900 and potentially change its trajectory.
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