Ethereum which is a layer-2 scaling solution for Arbitrum (ARB), It has seen a wave of selling pressure from some of the biggest wallets in recent hours.
The two whales, despite the token price dropping more than 8% in the last 24 hours, are the leading cryptocurrency The exchange has deposited a total of 7.44 million ARB tokens, worth approximately $6.31 million, on Binance.
One of the whales, identified by the address 0xe9728, deposited 3.8 million ARB tokens on Binance worth $3.26 million at an average price of $0.86. The whale also collected 1,812 ETH worth $2.94 million from Binance at an average price of $1,621 in the same time period and likely sold ARBs for ETH through Binance.
According to data, this whale currently holds 13.78 million ARB tokens worth $11.5 million. However, the whale has lost an estimated total of $7.02 million from ARB as it has accumulated 17.6 million ARB tokens worth $21.83 million from Gate.io and Binance in just two days on April 4 and 5, 2023 at an average price of $1.24.
Another whale that has invested ARB tokens in Binance is Wintermute Trading, a market maker and liquidity provider for digital assets. Wintermute Trading deposited a total of 4.35 million ARB tokens worth $3.36 million to Binance in the last eight hours. Wintermute Trading currently holds 36 million ARB tokens worth $27.7 million.
A third whale on Aave, who has been long ARB for a long time, is also selling ARB to pay off his debt. In the past five hours, this whale has withdrawn 5 million ARB tokens worth $3.85 million from Aave and deposited 3.8 million ARB tokens worth $2.93 million into Binance.
This whale currently holds 8 million ARB tokens worth $6.16 million.
With the effect of the sales, the Arbitrum price suddenly lost value today and at the time of this writing, it is trading at $ 0.76 with a decrease of 8.60% during the day.
*Not investment advice.
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