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1inch Withdraws 5 Million 1INCH Tokens from Binance: Transaction Details

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by Giorgi Kostiuk

6 hours ago

Recent transactions on cryptocurrency exchanges have drawn attention, notably the withdrawal of 1INCH tokens by an investment fund linked to 1inch.

Details of 1INCH Withdrawal

According to analyst Yu Jin, the 1inch investment fund withdrew 5.01 million 1INCH tokens (approximately $940,000) from the Binance exchange about half an hour ago.

Market Activity on Crypto Exchanges

The analysis indicates that the 1inch team purchased 9.65 million 1INCH on-chain for 1.75 million USDC just yesterday. They then transferred 975 thousand USDT to Binance to acquire 1INCH tokens, and subsequently withdrew the tokens from the exchange.

Conclusions and Market Trends

Since February, the fund has spent a total of $4.97 million to acquire 24.86 million 1INCH tokens at an average price of $0.2. Additionally, it has been noted that large investors are actively withdrawing significant amounts of tokens from various exchanges in recent days.

The withdrawal of substantial token sums from exchanges suggests the activity of institutional investors and potential market shifts. Monitoring such transactions may provide insights into trends within the cryptocurrency space.

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