Following FED Chairman Jerome Powell’s mild statements on Friday, Bitcoin (BTC) and altcoins began to rise, and the market also became active.
As investors made new purchases with the rise, one of them was White House digital strategy director Christian Tom.
On-chain analyst The Data Nerd has revealed that Christian Tom, the US White House digital strategy director, purchased 3.843 million Arbitrum (ARB) worth $2.3 million from Binance.
The Data Nerd also noted that these tokens were first purchased eight months ago. Accordingly, Christian Tom purchased approximately $8.38 million worth of ARB eight months ago but later deposited it to Binance.
The analyst added that there was speculation about whether the White House executive sold the tokens and then bought them back.
Listed on Binance in March 2023, Arbitrum rose to $2.40 during the rally in January. ARB, which has fallen by about 75% from the $2.40 level, continues to trade at $0.60 at the time of writing.
*This is not investment advice.