According to Spot on Chain, the Arbitrum foundation multi-signature address (0xd6c…) deposited 15 million ARB ($27.5 million) to Coinbase today at a price of $1.83. Shortly thereafter, six newly created wallets withdrew a total of 14.9 million ARB from Coinbase.
Arbitrum Foundation Launches Significant ARB Transaction on Coinbase
In a notable development reported by Spot on Chain, the Arbitrum Foundation executed a significant transaction involving the deposit and subsequent withdrawal of ARB tokens on the Coinbase platform.
The multi-signature address identified as 0xd6c…, affiliated with the Arbitrum Foundation, deposited 15 million ARB, equivalent to $27.5 million at the current price of $1.83.
The Series of Events Developed as Follows:
Deposit: Arbitrum Foundation's multi-signature address deposited 15 million ARB to Coinbase.
Price at Deposit: The transaction was executed at a price of $1.83 per ARB.
Withdrawal: Following the deposit, the six newly created wallets processed withdrawals totaling ARB 14.9 million from Coinbase.
The @arbitrum Foundation multisign 0xd6c deposited 15M $ARB ($27.5M) to #Coinbase at $1.83 ~6hrs ago.
Then shortly afterward, six fresh wallets withdrew a total of 14.9M $ARB from the CEX.
Was this an OTC deal? 🤔
For more updates on $ARB, follow @spotonchain and turn on your… pic.twitter.com/4tj6y716He
— Spot On Chain (@spotonchain) January 30, 2024
While the details of the transaction remain intriguing, it is worth noting that this Arbitrum Foundation deposit could potentially be associated with over-the-counter (OTC) transactions.
OTC transactions generally occur outside of public exchanges and are characterized by personalized structures that meet the specific needs of large institutional organizations.
The importance of such transactions lies in their potential impact on the broader cryptocurrency market, as large asset movements can impact market dynamics.
The participation of the Arbitrum Foundation, known for its contributions to Ethereum scalability solutions, adds extra interest to this transaction.
*This is not investment advice.
