According to data from Etherscan, 1inch withdrew over $40 million USD in cryptocurrency from its investment fund and purchased $10 million USD worth of ETH in the early hours of August 28th, at an average price of $1,650 USD per token.
However, upon delving deeper into the analysis of 1inch’s withdrawal and accumulation of ETH, it becomes apparent that this DeFi platform withdrew 41.8 million USDT, 396,000 UNI, 3,120 ETH, and 75,000 USDC. Additionally, the 1inch wallet performed a swap of 10 million USDT and 70,000 USDC into 6,088 ETH.
Currently, the purpose of 1inch’s actions remains unclear, and the platform has not provided any response. Some speculate that 1inch might have sensed a potential pump and decided to accumulate ETH swiftly.
Prior to this, the 1inch wallet executed successful ETH trades. On-chain data shows that the 1inch wallet spent $26 million USD to purchase around 17,000 ETH at an average price of $1,569 USD in three transactions on January 13th, February 9th, and March 14th.
When the price of ETH rose to $1,906 USD on July 5th, the wallet sold around 11,000 ETH for a total value of $21 million USD. This move allowed the 1inch wallet to earn a profit of $3.7 million USD.
Notably, during that time, Sergej Kunz, co-founder of 1inch, explained that these transactions were merely testing a new feature on the Fusion Mode protocol—a mode that allows users to place custom swap orders without paying gas fees!
Currently, the wallet holds a total of $80 million USD in various tokens.