1inch Investment Fund Starts to Spend IDR 152 Billion Ethereum (ETH)

1inch started buying crypto ETH. (Photo; Doc. Unsplash)

JAKARTA - Recently, a cryptocurrency wallet linked to 1inch Investment Fund has made a large purchase of Ethereum (ETH) with a value of around 10 million US dollars (IDR 152 billion).

This party, known for making smart decisions, bought 6,088 ETH at a price of 1,655 US dollars (IDR 25 million). This step is a continuation of the previous purchase using the dollar-cost-averaging (DCA) method in the first quarter of 2023.

On August 28, 2023, blockchain analytics platform Lookonchain, which has a reputation for tracking large transactions, reported these transactions via platform X (formerly known as Twitter). This action happened about 6 hours earlier, when 1inch Investment Fund wallet used 10 million US dollars (IDR 152 billion) to buy 6,088 ETH.

If we look at the history of transactions in the wallet, we can see patterns of buying and selling Ether. Last January 13, February 9 and March 14, this wallet purchased a total of 17,000 ETH at an average price of USD 1,569 (IDR 23.9 million), for a total value of around USD 26 million (IDR 396 billion). This approach is based on a mature strategy to take advantage of changes in the market.

However, the surprising thing happened on July 5th, when this wallet went on a big sale. The 1inch Investment Fund wallet sold 11,000 ETH at a price of 1,906 US dollars (IDR 29,100,808 million) per ETH, making a significant profit of around 3.7 million US dollars (IDR 56.5 billion). This shows that the wallet is able to profit even when the market is down.

This wallet holds a large amount of ETH and other cryptocurrencies which reach a total value of around 80 million US dollars (IDR 1.2 trillion). The presence and activity of these wallets are constantly being watched by market experts and crypto enthusiasts, as they can provide clues about broader market trends.

Meanwhile, $41 million worth of Ethereum has been released by a "crypto whale". Also, 1inch Investment Fund isn't the only one to benefit from the spike in Ether's price last month.

Shortly after the sale of 11,000 Ether on July 5, another wallet associated with the “crypto whale” made a big sale, namely ETH worth 41 million US dollars or IDR 625 billion, before the market took a plunge.

The crypto trader put in 22,341 ETH earlier this month and then took a hefty sum, which is around IDR 625 billion, from Binance, the world's largest exchange by market cap. Despite a loss of around USD 1.7 million (IDR 25.9 billion), he managed to save around USD 5 million (IDR 76.3 billion) that would otherwise have been lost as a result of the loss.

Last year, Fenix ​​International, parent of subscription platform OnlyFans, also got involved in the crypto space. The company invested around 20 million US dollars (IDR 305 billion) in Ethereum between 2021 and 2022. Unfortunately, the value of this investment fell to around 8.5 million US dollars (IDR 129.7 billion) at the end of November 2022, affected by the "winter crypto” that hit the cryptocurrency industry that year.

Although currently, market conditions have improved slightly since last year's lows, the market is still far from the peaks seen during the bullish trend in 2021.