{"id":339303,"date":"2023-08-29T18:00:31","date_gmt":"2023-08-29T12:30:31","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339303"},"modified":"2023-08-30T12:38:57","modified_gmt":"2023-08-30T07:08:57","slug":"why-1inchs-48-million-withdrawal-failed-to-move-markets","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-1inchs-48-million-withdrawal-failed-to-move-markets\/","title":{"rendered":"Why 1inch&#8217;s $48 million withdrawal failed to move markets"},"content":{"rendered":"<ul>\n<li><em>During the trading session of 28 August, <span style=\"font-weight: 400;\">1inch Investment Fund purchased ETH worth $10 million.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">The market, however, failed to react, as 1INCH&#8217;s price remained flat.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In the early trading hours of 28 August, the 1inch [1INCH] Investment Fund acquired over 6,000 Ethereum [ETH] coins, worth $10 million, onchain sleuth Lookonchain found. However, 1INCH traders were unfazed by the move, with the price of 1INCH remaining relatively flat at press time.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1inch Investment Fund wallet spent $10M to buy 6,088 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> at $1,655 6 hrs ago.<\/p>\n<p>The wallet bought a total of 17K <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($26.8M) at an average price of $1,569 on Jan 13, Feb 9 and Mar 14.<\/p>\n<p>Then sold 11K <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($21M) at $1,906 on July 5, making ~$3.7M.<a href=\"https:\/\/t.co\/QhEm3M9Mm7\">https:\/\/t.co\/QhEm3M9Mm7<\/a> <a href=\"https:\/\/t.co\/JUxzA8hFom\">pic.twitter.com\/JUxzA8hFom<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1696054926831685999?ref_src=twsrc%5Etfw\">August 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/1inch-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">1INCH Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">A further assessment of the purchase revealed that before the acquisition, a crypto wallet belonging to the DEX aggregator\u2019s Investment Fund withdrew $48.73 million worth of cryptocurrencies from Uniswap [UNI]. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The assets withdrawn included 41.8 million Tether [USDT], 396,000 UNI, 75,000 USD Coin [USDC], and 3,120 ETH. The fund then spent $10 million to buy 6,060 ETH at an average price of $1650.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data from <\/span><a href=\"https:\/\/www.scopescan.ai\/contract\/0x225d3822de44e58ee935440e0c0b829c4232086e?network=eth\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ScopeScan<\/span><\/a><span style=\"font-weight: 400;\">, the fund address, at press time, held 9,453 ETH, 31.79 million USDT, 396,356 UNI, 52.18 USDC, and 500 Galxe [GAL].\u00a0<\/span><\/p>\n<figure id=\"attachment_339319\" aria-describedby=\"caption-attachment-339319\" style=\"width: 1120px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-29-at-07.37.34.png\"><img decoding=\"async\" class=\"size-full wp-image-339319\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-29-at-07.37.34.png\" alt=\"\" width=\"1120\" height=\"696\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-29-at-07.37.34.png 1120w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-29-at-07.37.34-300x186.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-29-at-07.37.34-1024x636.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-29-at-07.37.34-768x477.png 768w\" sizes=\"(max-width: 1120px) 100vw, 1120px\" \/><\/a><figcaption id=\"caption-attachment-339319\" class=\"wp-caption-text\">Source: ScopeScan<\/figcaption><\/figure>\n<h4><b>The token did not move an inch<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While this purchase was a significant event capable of influencing 1INCH\u2019s price direction, the market remained flat as the alt\u2019s price traded within a narrow range at press time. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/1inch\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, the price per 1INCH token was $0.2447, growing by a mere 1% in the last 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Increased 1INCH selloffs at the beginning of the month caused its price to trend downward in the last 30 days. Exchanging hands at $0.31 on 29 July, the alt\u2019s price has since plummeted by almost 25%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from <a href=\"https:\/\/app.santiment.net\/charts\/FoSzIDuW__sCl\" target=\"_blank\" rel=\"noopener\">Santiment<\/a> revealed an uptick in 1INCH\u2019s supply of cryptocurrency exchanges between 31 July and 15 August. During that period, 1INCH exchange reserves rose by 7%. Within the same period, its supply outside exchanges decreased by 1%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The surge in exchange reserves indicated an increased 1INCH distribution. Interestingly, the period was marked by a negative Market Value to Realized Value (MVRV) ratio. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This indicated that 1INCH was undervalued, and investors who sold did so below their cost basis, thereby logging losses.\u00a0<\/span><\/p>\n<figure id=\"attachment_339320\" aria-describedby=\"caption-attachment-339320\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-339320\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1inch-1INCH-07.38.47-29-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-339320\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/1inch-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">1inch Network\u2019s [1INCH] Price Prediction<\/a>\u00a02023-2024<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">While sell-offs have slowed in the past few weeks, with a decrease in exchange reserves spotted at press time, accumulation has also waned. On a daily chart, key momentum indicators rested below their center lines, inching closer to oversold zones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1INCH\u2019s Relative Strength Index (RSI) and Money Flow Index (MFI) were 33.66 and 39.46 at the time of writing. A decrease in the number of tokens being traded and a lack of new tokens being accumulated suggested that investors have stayed their hands from trading.\u00a0<\/span><\/p>\n<figure id=\"attachment_339316\" aria-describedby=\"caption-attachment-339316\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08.png\"><img decoding=\"async\" class=\"size-full wp-image-339316\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08.png\" alt=\"\" width=\"2308\" height=\"1174\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08-300x153.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08-1024x521.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08-768x391.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08-1536x781.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/1INCHUSDT_2023-08-29_07-26-08-2048x1042.png 2048w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-339316\" class=\"wp-caption-text\">Source: 1INCH\/USDT on TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Despite a significant withdrawal from the 1inch Investment Fund, holders of the token were unmoved as the 1INCH&#8217;s price remained in a tight range. <\/p>\n","protected":false},"author":64,"featured_media":339325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,950,32,66,3,4,20],"tags":[],"class_list":["post-339303","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-defi","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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