While altcoin whales have been active in recent days, there are both sellers and buyers. Wintermute, one of the giant market makers, also deposited $12 million worth of Arbitrum (ARB) to Binance hours ago.
According to a post by on-chain analyst The Data Nerd, three wallets belonging to Wintermute deposited 12.3 million ARB worth $12 million to Binance.
Notably, Wintermute had withdrawn all these ARB tokens from Coinbase two days ago.
“3 hours ago, 3 wallets belonging to Wintermue deposited 12.3 million ARB (worth approximately $12 million) to Binance.
All of the above tokens were withdrawn from Coinbase 2 days ago.”
Investors and analysts speculate that this transfer is likely a deliberate strategy by Wintermute to impact ARB's liquidity and market presence on Binance. This move by Wintermute also increased investors' expectations that there may be a downward movement in the Arbitrum price.
ARB, which dropped to $0.90 with the decline in Bitcoin on Friday, continues to be traded at $0.967 at the time of writing.
*This is not investment advice.