1inch Wallet Buys $10 Million Worth of Ether (ETH)

BySamson Ononeme

Aug 28, 2023
1inch Wallet Buys $10 Million Worth of Ether (ETH)

Key Insights

  • 1inch Investment Fund Wallet buys $10M in ETH
  • For each ETH 1inch spent $1655
  • In total, since the beginning of the year, about 17,000 ETH (about $26.8 million) have been received on the wallet.

A wallet linked to the 1inch fund bought 6,088 Ether (ETH) worth $9.96 million, according to Lookonchain data.

The 1inch investment fund wallet spent $10M buying 6,088 ETH at $1,655 six hours ago,” Lookonchain analysts said.

Since the beginning of the year, the wallet has received about 17,000 ETH (approximately $26.8 million) at an average price of $1,569 on January 13, February 9, and March 14.

The wallet then sold 11,000 ETH worth about $21 million at a price of $1,906 on July 5, earning $3.7 million. The wallet currently holds various digital assets totaling $80 million.

Read also: Ethereum Price Forecast 2025

Parent company OnlyFans buys ETH

Earlier, the parent company of the OnlyFans content subscription service, Fenix ​​International, bought Ethereum for $19.9 million. However, the firm had previously faced a loss of $8.46 million.

Over the course of the year, the company diversified part of its working capital into the Ethereum cryptocurrency asset,” according to company reports prepared up to 30 November 2022 and filed with the UK Companies Registry.

What are investors waiting for in the next bull cycle?

According to MarketsXplora analysts, 46.4% of investors believe that ETH has the highest chance among altcoins to overtake Bitcoin (BTC) in terms of price growth and market capitalization during the next bull cycle.

According to Fidelity Digital Assets experts, there are several reasons for the growth of the second-biggest cryptocurrency. In particular, the Merger in September 2022 resulted in a net supply reduction of 700,000 ETH.

Read also: How Donald Trump’s Ethereum Holdings Might Impact Crypto Confidence

Moreover, the expectations surrounding EIP-1153 are also creating momentum for Ethereum, as the proposal could improve the efficiency of smart contracts, reduce costs, and expand the design of the Ethereum Virtual Machine.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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