Arbitrum (ARB), a layer-2 scaling solution for Ethereum, has seen a wave of selling pressure from some of the largest wallets in recent hours.
The two whales deposited a total of 7.44 million ARB tokens worth approximately $6.31 million on leading cryptocurrency exchange Binance, despite the token price dropping more than 8% in the last 24 hours.
One of the whales, identified by the address 0xe9728, deposited 3.8 million ARB tokens on Binance, amounting to $3.26 million, at an average price of $0.86. This whale also collected 1,812 ETH from Binance during the same time period, worth $2.94 million, at an average price of $1,621, and likely sold ARB for ETH through Binance.
According to the data, this whale currently holds 13.78 million ARB tokens worth $11.5 million. However, the whale has lost an estimated total of $7.02 million from ARB as it accumulated 17.6 million ARB tokens worth $21.83 million from Gate.io and Binance at an average price of $1.24 in just two days on April 4 and 5, 2023.
Another whale depositing ARB tokens on Binance is Wintermute Trading, a market maker and liquidity provider for digital assets. Wintermute Trading has deposited a total of 4.35 million ARB tokens worth $3.36 million on Binance in the past eight hours. Wintermute Trading currently holds 36 million ARB tokens worth $27.7 million.
A third whale in Aave, who has been long on ARB for a long time, is also selling ARB to pay off its debt. In the past five hours, this whale has withdrawn 5 million ARB tokens worth $3.85 million from Aave and deposited 3.8 million ARB tokens worth $2.93 million into Binance.
This whale currently holds 8 million ARB tokens worth $6.16 million.
With the impact of the sales, the Arbitrum price suddenly lost value today and at the time of writing this article, it is traded at $ 0.76 with a decrease of 8.60% during the day.
*Not investment advice.
