1inch Investment Fund Spends $25.44M to Buy Ethereum and Wrapped Bitcoin

1inch's Investment Fund has been actively acquiring major cryptocurrencies, purchasing a total of $25.44 million in assets over the past 20 hours.

1inch’s Investment Fund has been on a buying spree, acquiring a total of $25.44 million in major cryptocurrencies over the past 20 hours. According to Spot On Chain, the fund made two significant transactions, purchasing 7,289 ETH at an average price of $2,804 and 52.072 WBTC at an average price of $96,021.

The fund’s substantial purchase of ETH, one of the largest cryptocurrencies by market capitalization, showcases its bullish outlook on the asset. Ethereum has consistently performed well in the market, making it a key asset for 1inch’s investment strategy.

In addition to acquiring ETH, the fund also bought a considerable amount of WBTC at an average price of $96,021, as reported by Spot On Chain. Wrapped Bitcoin is a crucial token that enables Bitcoin (BTC) to be utilized on the Ethereum blockchain, enhancing its functionality in decentralized finance (DeFi) and providing liquidity in decentralized exchanges (DEXs). The 1inch Fund’s acquisition of WBTC reflects its diversified strategy, positioning itself in both Ethereum-based tokens and assets linked to Bitcoin.

The fund’s capital allocation strategy and large-scale purchases in a short period indicate its strong confidence in the market’s long-term prospects. Over the past 24 hours, the crypto market has shown signs of volatility, but 1inch’s team continues to demonstrate its acumen in navigating the market’s ups and downs. The team has historically profited from their strategic positions in assets such as Ethereum, Uniswap ($UNI), and their proprietary token, $1INCH.