Blockchain analytics firm Spot On Chain revealed Pantera Capital’s noteworthy transactions involving altcoin 1inch.
The company sent 1INCH worth around $3.52 million, 12.95 million tokens, to Coinbase Prime on Friday.
The transfer comes as the alt reflects robust bearishness and is part of Pantera Capital’s strategy of sending 1inch to Coinbase starting 24 July, as the crypto displayed downward signals.
Pantera Capital invested in 1INCH between 2021 and 2023, accumulating over 104 million coins.
The latest stats show the firm has transferred 1inch worth approximately $11.8 million, 34.91 million tokens, since 24 July, to CEXs at an $0.338 average price.
The transactions coincide with 1INCH’s downtrends, with prices plummeting from above $0.40 to the $0.35 vicinity, though not without slight recoveries.
Meanwhile, Pantera Capital holds different tokens in its over $220 million portfolio, with ONDO taking the largest share at $173 million.
Pantera Capital still holds 1INCH worth $19 million, over 69 million coins. Besides 1INCH and ONDO, the firm has Arbitrum, Audio, and LDO in its investment portfolio.
1INCH’s relentless dips over the past few months prompted Pantera to reduce its stash. The altcoin has suffered massive bearishness lately, sending nearly all investors out of money.
1INCH holders endure losses
The profitability index confirms 1inch’s dire state. IntoTheBlock data shows only 1% of 1INCH holders are making money at current prices, with 96% enduring losses and 2% at break-even.
That comes as the altcoin exhibits a massive bearish outlook, down approximately 40% on its monthly price chart.
Pantera Capital dumped 1INCH to avoid continuous losses as bears tighten their grip. That reflects a dwindling interest in the altcoin, suggesting more dips for 1inch prices.
Meanwhile, IntoTheBlock indicates 1INCH investor resilience, with over 77% of holders maintaining their assets for over a year.
1INCH’s current price outlook
1inch Network displayed a bearish stance at press time, following a 5% daily dip. The native token changes hands at $0.2626, reflecting vulnerability to more dips.
1inch 1D Chart on Coinmarketcap
Large-scale token dumps amid broad market declines added to 1INCH’s slump. Sentiments in the entire crypto sector will remain crucial in shaping the alt’s trajectory.
Crypto analysts remain optimistic about impending bounce-backs, especially for the altcoin market. For instance, Michael van de Poppe believes alts are at the bottom and ready for a comeback.
Altcoins have a massive recovery room, setting the stage for tokens such as 1INCH to recover steadily.
Nevertheless, prolonged declines could see more 1inch investors trimming their holdings, triggering intensified selling pressure.
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