The investment fund of 1inch discharges parts of its crypto companies despite a recent marketbound, which indicates a strategic effort to reduce losses and cover itself against further potential disadvantage.
According to the Chain Monitoring X-Account Embercn, the investment fund of the 1inch team recently sold 37.9 wrapped Bitcoin (WBTC) at $ 86,578 each, a total of approximately $ 3.28 million and 511 Ethereum (ETH) costs $ 2.072 each, which is approximately $ 1.072.
Embercn revealed that the fund from 2 February to 10 March spent a total of $ 44.22 million on WBTC, ETH and 1 inch. This included the purchase of 11,198 ETH for a total of around $ 28.85 million for an average price of $ 2,577, 160.8 WBTC of a total of around $ 14.21 million for an average price of $ 88.395 and 4.7 million 1 inch for around $ 1.15 million for an average price of $ 0.245. “Currently everything is uderwater,” Embercn wrote.
Moreover, Embercn noted that 1inch previously traded the three assets with a winning rate, especially Ethereum.
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Since the beginning of February, when 1 inch started acquiring assets, ETH has fallen nearly 50% compared to levels above $ 3,300 to lower than $ 1,800 on 11 March. The price consistently moves under the 21-day exponential advancing average, with the most important price decreases accompanied by spikes in volume, especially at the beginning of February, which indicates aggressive liquidation. However, the price has now been backwards above $ 2,090 and tested the 21-day EMA for the first time in weeks at $ 2,067.
Similarly, WBTC has had a significant decrease since the beginning of February, when the price briefly peaked above $ 105,000. Just like Ethereum, since then it has traded under the 21-day EMA, with a few short pimples. The decline was more pronounced at the end of February and the beginning of March, with WBTC experienced sharp sale that brought the price to around $ 76,000 at the lowest low point on 11 March. In mid -March, WBTC started to offer support at the level of $ 80,000. From now on, WBTC has been back to $ 87,544, after he had crossed the EMA at $ 85,515.82, suggesting that Bullish Momentum may build.
Source: crypto.news
Although the assets have been back to the most important resistance levels, their long-term period below the 21-day EMA and earlier sharp sale suggest that the 1-inch fund may make use of the bounce to reduce exposure and minimize potential downward risks.
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