In a move that screams “I’ve made a huge mistake,” the 1inch investment fund is dumping its crypto holdings faster than a toddler with a melting ice cream cone. This, despite the market’s recent attempt at a comeback, which feels less like a rebound and more like a drunk person trying to stand up after falling off a barstool. 🍦
According to EmberCN, the on-chain monitoring X account that’s basically the nosy neighbor of the crypto world, 1inch recently sold 37.9 Wrapped Bitcoin (WBTC) at $86,578 each (because who doesn’t need $3.28 million in pocket change?) and 511 Ethereum (ETH) at $2,072 each, totaling a cool $1.05 million. That’s enough to buy a small island or, more realistically, a very fancy toaster. 🏝️
From February 2 to March 10, the fund went on a shopping spree, dropping $44.22 million on WBTC, ETH, and 1INCH. They bought 11,198 ETH for $28.85 million (average price: $2,577), 160.8 WBTC for $14.21 million (average price: $88,395), and 4.7 million 1INCH for $1.15 million (average price: $0.245). EmberCN summed it up perfectly: “Currently, everything is underwater.” 🌊
To add insult to injury, EmberCN noted that 1inch had previously been trading these assets with a winning rate, especially Ethereum. But now, it’s less “winning” and more “drowning.” 🏊♂️
Since February, ETH has plummeted nearly 50%, from over $3,300 to below $1,800 on March 11. It’s been trading below the 21-day Exponential Moving Average, with price drops so sharp they could cut glass. But hey, it’s now back above $2,090, testing the 21-day EMA at $2,067. So, you know, progress? 📉
WBTC hasn’t fared much better. After peaking above $105,000 in February, it’s been trading below the 21-day EMA, with a few brief breakouts that were about as convincing as a politician’s promise. By March 11, it hit a low of around $76,000, but it’s now clawed its way back to $87,544. So, bullish momentum? Maybe. Or maybe it’s just gasping for air. 🐂
While these assets are inching back toward key resistance levels, their prolonged period below the 21-day EMA and previous sharp sell-offs suggest that 1inch is using this bounce to cut its losses. Because when you’re underwater, the first rule is: stop digging. 🚫⛏️
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2025-03-24 19:00