According to the blockchain analytics platform, Lookonchain, seven whales parted with a total of $16 million worth of Arbitrum (ARB) at a loss of $8.15 million in the last 30 hours.
On September 12, Lookonchain took to X to reveal the exodus that generated a total loss of over $8 million. One of the investors sold more than $3.2 million in ARB, after witnessing a substantial loss of a staggering $4.6 million. Meanwhile, another investor lost over $2 million after dumping $2.6 million worth of the asset with an initial investment stood at around $4.7 million.
In the past 30 hours, 7 whales dumped $ARB at a loss!
They dumped a total of 20.41M $ARB ($16.05M), with a loss of $8.15M(-33.67%). pic.twitter.com/o7RDAYkqEv
— Lookonchain (@lookonchain) September 12, 2023
Whales Dispose of Arbitrum Tokens in Millions
With Arbitrum price dipping further, whales have disposed of ARB tokens in millions. On September 11, data from Chinese cryptocurrency journalist Colin Wu revealed three whales have sold a combined 10.2 million ARB tokens.
According to Wu Blockchain, one of the whales transferred 3.8 million ARB to Binance (BNB) and sold it at $0.77 per token. Another whale sold 3.63 million ARB at $0.83 per token, while the third whale moved 2.8 million ARB to Binance (BNB) when the price was $0.79.
Today, 3 whales transferred 10.23 million ARB (valued at US$8 million) to Binance, including 0xe972 transferred 3.8 million ARB to Binance and sold it at $0.77 for 1,812 ETH. It still holds 13.78 million ARB; vladilena2.eth transferred 3.63 million ARB to Binance, the price was…
— Wu Blockchain (@WuBlockchain) September 11, 2023
Furthermore, as per data analysis firm IntoTheBlock, almost everyone holding an amount of ARB is facing losses as the altcoin continues to spiral down. Those who bought around the all-time high price of $1.69 are suffering the most, with a loss percentage of 62% based on unrealized losses as the Arbitrum (ARB) token continues to experience a significant decline in value.
ARB Price Continues to Freefall
Several market experts have suggested that If this sentiment further intensifies, it could lead to more offloading of assets than accumulation, which generally is the sentiment of investors. People would pull away from buying at cheaper prices and instead offset their losses as much as they could by dumping their holdings.
According to CoinMarketCap, ARB is down more than 7% in the last 24 hours, trading at $0.77. Meanwhile, the digital token has plunged over 12% in the past seven days, marking a 54% decrease from the all-time high (ATH) reached in April.
The downturn comes shortly after Token Unlocks, a crypto management platform revealed that Arbitrum will release over $1 billion worth of ARB tokens in March next year, in an effort to initiate a four-year period of staggered unfreezing of its native digital asset.
📅 Mark your calendars
$1.1 billion in $ARB unlocks are coming ⏳On March 16th, 2024, get ready for a massive cliff unlock as the Team and Investors unlock their tokens, totaling a staggering $1.26 billion. 🔥
But that's not all! Starting from that day, every 16th of the… pic.twitter.com/Ayv4bKXmty
— Token Unlocks (@Token_Unlocks) August 16, 2023
Despite the recent downturn in the token’s value, Arbitrum (ARB) continues to maintain its position as the dominant Layer 2 (L2) solution for Ethereum (ETH). It boasts a total value locked (TVL) of $5 billion, accounting for 55% of Ethereum’s L2 ecosystem.
