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:

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The withdrawn crypto assets included a whopping 41.8 million Tether (USDT), 396 UNI ($1.85 million), 75,000 USD Coin, and 3,120 ETH ($5.18 million).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.