Ethereum

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<a href="https://bitcoinworld.co.in/why-are-the-big-boys-stacking-if-1inch-investment-fund-just-bought-10-million-in-ethereum-eth/" title="Why Are the Big Boys Stacking If 1inch Investment Fund Just Bought $10 Million in Ethereum (ETH)?" rel="noopener noreferrer nofollow"></a> 
According to data from Lookonchain, a blockchain analysis website, on August 28, a crypto wallet affiliated with 1inch Investment Fund, “0x225d3822de44e58ee935440e0c0b829c4232086e”, purchased 6,088 Ether (ETH) at $1,655, spending $10 million on the transaction. 
The fund is tied to 1inch Network, a decentralized exchange (DEX) aggregating protocol and one of the largest platforms in total value locked (TVL). 1inch Investment Fund has not stated the reason for their decision to purchase Ethereum at a time when prices appear to be down following losses about ten days ago. ETH, like Bitcoin and the broader crypto market, fell on August 17. ETH fell over 15%, retreating from approximately $1,800, and has yet to retake those levels at spot pricing.&nbsp; 
On August 28, the ETH candlestick arrangement shows that the coin is still in a tight consolidation, moving horizontally and contained within the August 17 bear candlestick. Prices are somewhat constant, with lower trading volumes, but the formation is bearish. 
At the time of writing, Ethereum is trading at roughly $1,650, slightly lower than the spot price at which the fund purchased the token earlier today. 
While the 1inch Investment Fund move is unduly optimistic for ETH, it has yet to generate demand and propel the coin out of its current consolidation. The coin is lower, and the path of least resistance continues to point south. The prominent bear bar could dominate the medium-term development unless demand shifts, lifting Ethereum above $1,900. 
Lookonchain had previously reported multiple transactions related to the fund. For example, the tracker shows that the 1inch Investment purchased 17,000 ETH worth $26.8 million on various occasions in Q1 2023.&nbsp; 
At the time, the average price was $1,569. They sold 11,000 ETH at $1,906 for $21 million, making a $3.7 million profit. 1inch Investment Fund now possesses 9,453 ETH worth $15.61 million at current exchange rates. 
According to Etherscan, 1inch Investment Fund possesses around 23 tokens in addition to ETH. As of August 28, one of their top holdings was USDT worth more than $31.75 million. USDT is the most liquid stablecoin in the world. 
They also have a sizable ownership in Uniswap’s governance token, UNI, worth more than $1.85 million, but just a minor position of USDC, worth $52. According to Debank data, the fund possesses $80.3 million in digital assets. 
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Why Are the Big Boys Stacking If 1inch Investment Fund Just Bought $10 Million in Ethereum (ETH)?

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