Tens of millions of dollars of transfers in the cryptocurrency markets on January 30 caused activity in the markets. Particularly ARB coin, API3 and STORJ transfers attracted attention. Here are the details…
Big transfers for ARB coin
Tens of millions of dollars of ARB transfers in the wallets of Arbitrum, one of the Ethereum (ETH) layer-2 (L2) projects, attracted attention. Data transferred by the on-chain analysis platform Spot On Chain shed light on the issue. According to data, Arbitrum Foundation’s multi-sig wallet went live on January 30. Thus, the cryptocurrency exchange transferred 15 million ARB worth $27.5 million to Coinbase at an average price of $1.83. Shortly after this transaction, 6 different and new cryptocurrency wallets withdrew 14.9 million ARB through Coinbase.
Spot On Chain suggested that these transactions may be tied to an over-the-counter (OTC) trade. However, there was no official statement from the team on the issue. These transactions did not affect the ARB price much. Because this development could be expected to create sales pressure. Instead, the ARB coin price rose over 4 percent. It is currently trading near $2.
There were also critical transfers in STORJ and API3
Apart from Arbitrum, significant transfers were also made in STORJ and API3 projects. According to tracking by on-chain analyst Ember, on January 30, the STORJ team’s wallet transferred 2 million STORJ (approximately $1.41 million) to market maker GSR’s Binance wallet address. STORJ is trading at $0.71, up 14% from yesterday.
Additionally, according to tracking by @ai_9684xtpa, on January 30, DWF Labs deposited 500,000 API3 (approximately $1.63 million) to Binance. DWF Labs received 1 million API3 from API3 Primary Treasury Agent two weeks ago (01.15) and the transfer price was $1.68. It has now made a profit of $1.44 million. Oracle project API3 announced the launch of the ZK-Rollup platform OEV Network. Thanks to this, it increased by 35.4% in the last seven days. According to the tracking made by Scopescan, the multi-signature address that received the tokens from the API3 project party transferred 391,900 tokens (approximately 1.3 million dollars) to GSR and deposited them to Binance 6 hours ago.
Expectation of change in the market
These transfers in the cryptocurrency markets increased the expectation of price changes in the markets. In particular, news from important projects such as Arbitrum and API3 attracted the attention of investors. Arbitrum is a layer-2 project designed to solve Ethereum’s scaling problems. API3 is a project that provides oracle services. Both projects have an important place in the cryptocurrency markets. Markets are focused on the future performance of these projects.
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