The recent decline in the market has caught the attention of major cryptocurrency investors, specifically whales. One significant holder has taken action recently. According to data from Lookonchain, a large whale recently sold 3.8 million ARB tokens, which amounts to about $3.21 million, in exchange for ETH on the Binance platform. This move resulted in a loss of approximately $1.3 million for the whale.
This particular whale had previously made notable moves in the ARB market. In early April, they withdrew 17.62 million ARB tokens valued at $21 million from Binance when the average price was $1.19. As of now, they still hold 13.78 million ARB tokens, which are valued at $11.5 million.
Arbitrum’s price has shown relatively moderate volatility compared to other cryptocurrencies, dropping by 6.67% today and settling at $0.8336. The selling pressure on ARB may continue due to bearish indicators, causing concern among investors.
While some whales are accumulating Arbitrum, like one who invested 2,000 ETH (worth over $3.27 million) to buy 3.64 million ARB tokens at an average price of $0.9 since September 3, there is still optimism in certain quarters.
However, given the unfavorable trading conditions in September, it’s likely that ARB will need more time to regain its growth momentum, possibly toward the end of the year. Investors should exercise caution and patience as they await potential profit opportunities in the ARB market.
This blog is for educational purposes only. The information we offer is not investment advice. Please always do your own research before investing. Any opinions expressed in this article are not a recommendation that any particular cryptocurrency (or cryptocurrency token/asset/index), cryptocurrency portfolio, transaction, or investment strategy is appropriate for any particular individual.
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