1inch Mutual Fund, famous for its altcoin reserves, turns the recent low prices into an opportunity. The last week saw over $10 million in fund flow.
This altcoin raised $20 million from 1inch fund
According to Lookonchain’s report, 1inch Investment Fund collected 3,076 Ethereum (ETH) worth 5 million USDT in the past hours. The average purchase price of the wallet was $1,625. The leading altcoin is currently trading slightly above this level.
According to details, the fund holds 26.8 million USDT and 12,529 ETH ($20.46 million) as of September 5. The previous ETH investment came last week. Ethereum price peaked at $1,750 after accumulation.
1inch Investment Fund wallet spent 5M $USDT to buy 3,076 $ETH at $1,625 again an hour ago.
1inch Investment Fund wallet currently holds 26.8M $USDT and 12,529 $ETH($20.46M).https://t.co/kOm8CohtSU pic.twitter.com/QJDTFwgyUz
— Lookonchain (@lookonchain) September 5, 2023
Lookonchain also reported that the 1inch fund was active on August 28. The wallet purchased 6,088 ETH worth $10 million on this date. ETH was trading at $1,655 at the time.
1inch Investment Fund wallet spent $10M to buy 6,088 $ETH at $1,655 6 hrs ago.
The wallet bought a total of 17K $ETH($26.8M) at an average price of $1,569 on Jan 13, Feb 9 and Mar 14.
Then sold 11K $ETH($21M) at $1,906 on July 5, making ~$3.7M.https://t.co/QhEm3M9Mm7 pic.twitter.com/JUxzA8hFom
— Lookonchain (@lookonchain) August 28, 2023
ETH price peaks after accumulation
The previous 1inch investment was on August 28, when it purchased $10 million worth of ETH. According to Tradingview data, ETH price gained around 7% in just one day after purchase. He then returned all of his gains. The latest purchase comes as the ETH price is trading at weekly lows.
Don’t forget to check out the statements made today by Ethereum founder Vitalik Buterin. cryptokoin.comButerin draws attention to the challenges that need to be overcome for a more decentralized ecosystem.
