Spot On Chain, a blockchain analytics company, revealed Pantera Capital’s notable transactions regarding altcoin 1inch.
On Friday, the company transferred 1INCH tokens worth approximately $3.52 millions, or 12,95 million tokens to Coinbase Prime.
Pantera Capital has been sending one inch of alt to Coinbase since 24 July as it displays downward signs.
Pantera Capital has invested over 104,000,000 coins in 1INCH from 2021 to 2023.
Since 24 July the company has sold 34.91 millions tokens worth $11.8 million at a price of $0.338 on average.
Prices plummeted from $0.40 and above to $0.35, but not without some slight recovery.
Pantera Capital, meanwhile, holds different tokens within its portfolio of over $220 millions, the biggest being ONDO, which accounts for $173 million.
Pantera Capital holds 69,000,000 coins worth 19 million dollars, which is the value of 1INCH. The firm’s investment portfolio also includes Arbitrum, Audio, LDO, and ONDO.
Pantera’s reduction of its 1INCH stock was prompted by the constant drops in 1INCH over the last few months. Altcoins have been a major loser in recent months, with nearly all investors losing money.
1INCH holders endure losses
Profitability index shows 1inch in a bad state. IntoTheBlock shows that only 1% 1INCH owners are profitable at the current price, while 96% suffer losses.
This is despite the fact that altcoins are displaying a bearish price trend, with a drop of approximately 40% in their monthly chart.
Pantera Capital disposed of 1INCH in order to prevent further losses, as the bears continue to tighten their hold. This reflects the waning interest in 1inch, which could lead to further dips.
IntoTheBlock also shows 1INCH’s resilience with 77% of investors maintaining their investments for more than a year.
1INCH current price forecast
1inch Network took a negative stance as of press time following a daily decline of 5%. Native tokens are traded at $0.2626 and reflect the vulnerability of this coin to further dips.
The 1INCH slump was exacerbated by large-scale token drops amid a general market downturn. The sentiments of the crypto industry will continue to be crucial for the trajectory of the alt.
Analysts remain confident about a possible bounceback, particularly for altcoin markets. Michael van de Poppe, for example believes that altcoins are near the bottom of their price range and will soon make a strong comeback.
Altcoins offer a large recovery area, allowing tokens like 1INCH a steady rise.
However, investors could reduce their 1inch holdings if the declines continue, increasing pressure to sell.
As new information becomes available, this post Pantera Capital drops millions of dollars in 1inch (1INCH), as 96% holders suffer losses could be updated.
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