1inch Fund Buys $10 Million Worth of Ether (ETH)
Date: 2023-08-28 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
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 $10 million 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.
Parent company OnlyFans bought ETH
The parent company of the content subscription service OnlyFans, 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.
Investors are waiting for the superiority of ETH
According to CryptoVantage 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 cryptocurrency. In particular, the Merger in September 2022 resulted in a net supply reduction of 700,000 ETH. 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.
