The Ethereum address beginning with 0x225d, identified as “1 Inch: Investment Fund”, has made a substantial trade of Wrapped Ethereum (WETH) for stablecoins USDT and DAI, according to data from DeBank.

Source: Debank

Trading activity began approximately four hours ago and ceased approximately two hours prior to the publication of this report. In this time, 1inch: Investment Fund successfully converted an estimated 24,990 WETH into approximately $48 million in stablecoin assets.

As a result of this transaction, the Ethereum balance at the address has been noticeably depleted and it now only has 238 ETH.

While it is unclear what led to the fund’s decision, it could be a hedge strategy, guarding against potential volatility in the Ethereum market. Alternatively, this could indicate a broader trend in the market, where funds are moving away from ETH due to anticipated downtrends.