Following the recent release of a substantial number of vested tokens on March 16, whales holding Arbitrum (ARB) tokens have begun transferring their digital assets to cryptocurrency exchanges.
On March 16, Arbitrum unlocked a staggering 1.1 billion ARB tokens, valued at $2.32 billion. This significant unlocking coincided with a market downturn, resulting in an 11% drop in the price of $ARB over a 12-hour period.
After the massive unlocking of $ARB, 11 whales deposited a total of 34M $ARB($58M) into the exchanges.https://t.co/Lcr5S3wE3t pic.twitter.com/jTBl5f3kQ5
— Lookonchain (@lookonchain) March 18, 2024
In the last 48 hours, six wallets that recently received tokens from vesting contracts have deposited 8.95 million ARB tokens, equivalent to $16.4 million, onto Binance, according to data from spotonchain.
These wallets still retain a substantial amount of ARB tokens, totaling 32.95 million tokens valued at $56.7 million, indicating the possibility of further token deposits.
The $ARB price dropped 11% (12H) amid a market downtime and a major unlock!
In the past 12 hours, 6 wallets, which just received tokens from vesting contracts, have deposited 8.95M $ARB ($16.4M) to #Binance.
They still hold 32.95M $ARB ($56.7M) and may deposit out more tokens!… pic.twitter.com/165fOuMpvh
— Spot On Chain (@spotonchain) March 17, 2024
Multiple Whales Are Depositing Large Amount Of ARB Into Various Exchanges
Further analysis from Lookonchain revealed that following the massive unlocking of ARB tokens, eleven whales collectively deposited 34 million ARB tokens, valued at $58 million, into various exchanges.
As a result, the price of ARB experienced a slight decline, reaching a low of $1.65 within the past 24 hours.
The movement of ARB tokens by whales onto exchanges suggests a potential increase in trading activity and liquidity in the ARB market.
This influx of tokens onto exchanges could impact the overall supply and demand dynamics of ARB, influencing its price trajectory in the near term.
Investors and traders will closely monitor these developments to gauge the market sentiment surrounding ARB and its future price movements.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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