Arbitrum Whales Moving Tokens to Exchanges

After the unlocking of $2.32 billion worth of ARB tokens in early March, a group of whales holding large amounts of ARB tokens started moving these tokens to cryptocurrency exchanges. Four wallets identified by the blockchain data platform Lookonchain transferred ARB tokens to exchanges on March 23rd. As a result of these transfers, 11.34 million ARB tokens, worth $18.5 million at the time, were moved to the Binance exchange. Community Divided Over Fund Movements The crypto community is divided over these fund movements. Some users argue that these transfers are not a bearish sign for the market, while others do not expect ARB to gain value. However, another $58 million worth of ARB transfer was documented by Lookonchain on March 18th. Token Unlockings Continue Following the release of the tokens into the market, a significant amount of ARB tokens were released by the Layer-2 blockchain project Arbitrum. 673.5 million were […]

Arbitrum Whales Moving Tokens to Exchanges

After the unlocking of $2.32 billion worth of ARB tokens in early March, a group of whales holding large amounts of ARB tokens started moving these tokens to cryptocurrency exchanges. Four wallets identified by the blockchain data platform Lookonchain transferred ARB tokens to exchanges on March 23rd. As a result of these transfers, 11.34 million ARB tokens, worth $18.5 million at the time, were moved to the Binance exchange.

Community Divided Over Fund Movements

The crypto community is divided over these fund movements. Some users argue that these transfers are not a bearish sign for the market, while others do not expect ARB to gain value. However, another $58 million worth of ARB transfer was documented by Lookonchain on March 18th.

Token Unlockings Continue

Following the release of the tokens into the market, a significant amount of ARB tokens were released by the Layer-2 blockchain project Arbitrum. 673.5 million were allocated to advisors and team members, and 438.25 million were allocated to investors. After the token unlock, ARB prices initially dropped from $2.22 to $1.84 and experienced fluctuations in the following days.

The token unlocking of Arbitrum seems to have had a significant impact on ARB prices. After remaining bearish for a certain period, prices showed some partial recoveries, but are currently trading at a value 29% lower than the all-time high.

While it’s uncertain whether this downtrend in ARB prices will continue, it’s expected that Arbitrum will release another 92.65 million ARB to advisors, team members, and investors on April 16, which could bring new movements to the market.

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