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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

1inch Investment Fund Just Sold Ethereum, What Do They Know?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Ethereum versus Bitcoin

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1inch Investment Fund, a fund closely tied with the crypto exchange aggregating platform, 1inch, has sold 4,685 stETH for 8.54 million USDC at $1,823, according to Scopescan, an analytics platform, on October 24. By selling at spot rates, the fund has netted $1.28 million in profits since the stETH was bought at an average price of $1,550 less than a week ago.

1inch Investment Fund sells Ethereum| Source: Scopescan on X
1inch Investment Fund sells Ethereum| Source: Scopescan on X

1inch Investment Fund Sells stETH

StETH, or staked Ethereum (ETH), is an ERC-20 token representing staked ETH on the Lido Finance protocol. The platform allows anyone to stake their coins and earn rewards without necessarily locking their coins for an extended period. 

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As of October 24, Lido Finance is the most popular decentralized finance (DeFi) application looking at total value locked (TVL). DeFiLlama data shows that the protocol manages over $15.7 billion of assets, of which over 95% are ETH. 

Lido Finance TVL| Source: DeFiLlama
Lido Finance TVL| Source: DeFiLlama

Technically, any ETH holder wishing to stake and earn network rewards stake on Lido Finance receives stETH in return, representing the stake amount. The higher the staked amount, the more stETH the protocol issued. This stETH can be traded, transferred, or used to secure loans while concurrently earning network rewards. 

Selling stETH means 1inch Investment Fund automatically unstaked the same amount on Lido Finance and sold the underlying coins. Even so, transferring the underlying ETH can take several days when there might be changes to spot prices.

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Curiously, the decision is when the crypto market seems to recover, and Ethereum is roaring back to life towards the $2,000 level. Considering that the fund is private and doesn’t divulge its strategy to the public, it couldn’t be immediately determined why it sells stETH when market confidence is high. 

Will Ethereum Prices Break $2,000?

Looking at price charts, Ethereum prices are up roughly 17% from H2 2023 lows, rallying at spot rates. The October 23 and 24 expansion has seen the coin break higher, registering new October highs. Even so, despite the overall confidence, the failure of bulls to complete reverse losses of August 17 should be a concern.

Ethereum price on October 24| Source: ETHUSDT on Binance, TradingView
Ethereum price on October 24| Source: ETHUSDT on Binance, TradingView

Ideally, a comprehensive surge above $1,800 and $2,000 could anchor a leg up toward $2,100 in the coming sessions. When the fund sold stETH at $1,823, price data showed it exited at around today’s peak. There is an inverted hammer in the ETHUSDT daily chart, an indicator that prices are inching lower on increasing selling pressure.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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