- 1inch, a key player in decentralized finance, has started making significant purchases of Ether.
- According to on-chain tracking platform Lookonchain, 1inch Investment Fund bought 6088 Ether worth $10 million.
- The recent purchases suggest that the fund has started buying back the Ether it had previously sold.
1inch, a prominent figure in decentralized finance, has begun making substantial Ether acquisitions. Lookonchain, an on-chain tracking platform, reveals that the 1inch Investment Fund has purchased 6088 Ether, valued at $10 million. These recent purchases imply that the fund has started repurchasing the Ether it had previously sold.
Profitable Sales in July
The same wallet had also made purchases of 17,000 Ether worth $26.8 million on January 13, February 9, and March 14. The average price paid at that time was $1569. However, the fund later sold 11,000 Ether in July. These Ether were sold at an average of $1906, yielding a profit of $3.7 million for the fund within a few months.
No Impact on 1inch Token
Despite these purchases, there has been no noticeable effect on the 1inch token. At the time of writing, the token is trading at approximately $0.24.
Conclusion
In conclusion, 1inch has been making significant Ether purchases, suggesting a strategy of buying back Ether it had previously sold. Despite these transactions, there has been no significant impact on the 1inch token’s value.
