A crypto wallet belonging to the 1inch Investment Fund has bought huge amounts of Ether (ETH) a month after recently cashing out on its dollar-cost averaging (DCA) buys throughout the first quarter of 2023.
Blockchain analysis platform Lookonchain, which follows and posts smart profitable trades, flagged the transaction. According to the firm, the 1inch-affiliated wallet bought a total of 6,088 ETH at the price of $1,655, which means that the company spent over $10 million on the purchase.
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.
— Lookonchain (@lookonchain) August 28, 2023
The trade comes after the company cashed out and profited from its earlier moves on the ETH asset. According to blockchain data, the wallet bought around 17,000 ETH at an average price of $1,569 on three instances — on Jan. 13, Feb. 9 and March 14. The company spent around $26 million in total on the trades.
When the price of Ether went up to $1,906 on July 5, the wallet sold around 11,000 ETH for a total of $21 million. This puts the profit of the wallet at $3.7 million from the Ether trades alone. The wallet currently holds a total of $80 million worth of various digital assets.
On Aug. 18, a crypto whale dumped $41 million of ETH days before the recent market downturn. Earlier this month, the crypto trader deposited 22,341 ETH into the Binance exchange and withdrew around $41 million afterward. The trader suffered around $1.7 million in losses but managed to avoid a potential $5-million loss.
Meanwhile, Fenix International, the parent company of subscription platform OnlyFans, bought $20 million of ETH back in 2022. According to a filing to the United Kingdom corporate registry, the company spent $20 million in ETH between 2021 and 2022. However, by the end of November 2022, the investment was only worth around $8.5 million.