Ethereum address starting with 0x225d, identified as “1inch: Investment Fund”, has made a substantial swap of Wrapped Ethereum (WETH) for stablecoins USDT and DAI, according to data from DeBank.
Source: Debank
The transaction activity began roughly four hours ago and ceased approximately two hours before the publication of this report. In this time, the 1inch: Investment Fund successfully converted an estimated 24,990 WETH to about 48 million USD worth of stablecoin assets.
As a result of this transaction, the Ethereum balance in the address has been noticeably depleted, now holding a mere 238 ETH.
While it is uncertain what led to the fund’s decision, it could be a protective strategy, hedging against potential volatility in the Ethereum market. Alternatively, this could signal a larger trend in the market, where funds are moving away from ETH due to anticipated bearish trends.
Source: https://blockchain.news/news/1inch-Investment-Fund-Dumped-24990-ETHs-WETHs-c76ea7fc-3690-4b50-a576-e733fdb0b5db