- 1inch Network’s investment fund recently purchased $10 million worth of ETH at an average price of $1650.
- The purchase came just hours after the DeFi protocol withdrew millions worth of crypto assets from Uniswap.
- The protocol’s investment fund now holds 453 ETH worth more than $15 million.
The investment fund of decentralized exchange (DEX) aggregator 1inch Network recently spent $10 million to purchase 6,060 ETH. The DeFi protocol reportedly acquired the Ether stash at an average price of $1650. Since the beginning of 2023, the investment fund has spent more than $26 million to buy up Ether.
On-chain analytics platform Scope Protocol took to X (formerly Twitter) earlier today to share 1inch’s latest on-chain purchase:
#1inch team investment fund bought $10M ETH on-chain with the avg price of $1650.
— 0xScope (🪬 . 🪬) (@ScopeProtocol) August 28, 2023
On July 5th, they sold 11K ETH ($21M) with the avg price of $1906.
Now they own:
9,453 $ETH ($15.5M)
31,795,498 $USDThttps://t.co/aalFnUN21k https://t.co/crqpOPNwmU
According to on-chain data gathered by Scope Protocol’s Scopescan, the 1inch team’s on-chain purchase of 6,060 ETH earlier today brought its total Ether holdings to 9,453 million worth more than $15.5 million. The investment fund’s latest purchase came just hours after it withdrew millions of dollars worth of crypto assets from the decentralized exchange Uniswap.
The withdrawn crypto assets included a whopping 41.8 million Tether (USDT), 396 UNI ($1.85 million), 75,000 USD Coin, and 3,120 ETH ($5.18 million). Of this, approximately $10 million was used to fund the latest ETH purchase. 1inch’s investment fund address held 9,453 ETH and 31.7 million USDT at the time of writing.
Fellow on-chain analytics platform Lookonchain highlighted earlier today that 1inch’s team sold 11,000 ETH worth over $21 million at an average price of $1,906 on July 5. The sale made the investment fund a net profit of more than $3.7 million. Since the beginning of the year, the fund has spent $26.8 million to buy a total of 17,000 ETH spread across three separate purchases.
Data from web3 portfolio tracker DeBank showed that the crypto address associated with 1inch’s investment fund held $49.3 million worth of crypto assets. The crypto tokens included UNI, USDC, GAL, FNT, PLS, SAFE, and many more. The fund’s address on the chai.money held an additional $27.6 million worth of DAI.
