1inch Investment Fund is actively investing in major cryptocurrencies, acquiring assets worth $25.44 million through two transactions. This includes a purchase of 7,289 Ethereum for $20.43 million and 52.072 Wrapped Bitcoin for $5 million.
Major Acquisitions by 1inch Fund
The 1inch Investment Fund acquired 7,289 $ETH at an average price of $2,804 per token, totaling $20.43 million. As one of the leading cryptocurrencies by market capitalization, Ethereum has consistently demonstrated strong performance, forming a key asset for 1inch's strategy. Additionally, the fund procured 52.072 $WBTC at an average price of $96,021, valued at $5 million. Wrapped Bitcoin enables the use of Bitcoin on the Ethereum network, increasing its utility in decentralized finance (DeFi).
Strategy Analysis and Current Positions
The fund's decision to deploy substantial capital in a brief period signals its confidence in the market's long-term outlook. The crypto market has shown volatility in the past 24 hours, yet 1inch's team continues to showcase acumen in navigating through changes. Currently, there are unrealized losses of $1.655 million from the Ethereum acquisition, but the outlook remains optimistic.
Prospects and Expectations
The acquisition of significant amounts of Ethereum and Wrapped Bitcoin highlights the team's adeptness at identifying market opportunities. With market volatility in play in the coming days, many analysts believe the 1inch Fund's strategy will ultimately prove beneficial in the long run. Investors and traders will monitor Ethereum and Wrapped Bitcoin price changes closely, hoping for a recovery of short-term losses.
1inch Fund continues to demonstrate strategic confidence in the cryptocurrency market, acquiring significant amounts of Ethereum and Wrapped Bitcoin amid current volatility. Long-term prospects remain positive, despite short-term losses.
