Are Arbitrum Whales Taking Their Crypto Positions?

• The last 24h ARB whale transactions were detected to and fro on Binance and OKX.
• At press time, the Arbitrum ecosystem held the fourth-largest TVL of $2.24B.

Arbitrum token whale transactions are picking up notable momentum this week. One of the largest Arbitrum airdrop recipients initiated a sell-off of 933,375 ARB, now worth $1,290,951, to acquire 708 ETH. This was registered as the larger one in the 24-hour time frame.

Popular on-chain crypto tracker Lookonchain detected prominent Arbitrum whale accumulations on Arbiscan in the last 24 hours. Most of those accumulations were wired from Binance and OKX. From OKX, two whales accumulated 4.04 million ARB and 4.09 million ARB respectively in the last 24h. While the day’s third whale received over 1 million ARB tokens.

Significantly, the statistics also revealed ARB-linked transfers by addresses of renowned crypto startup Amber. The firm moved out 11.2 million ARB – 34% of those were moved to crypto exchanges Binance and OKX. Furthermore, Reportedly, the largest buyer, which claimed ARB on the first day of the exchange listing, is currently holding 9.94 million ARB.

Arbitrum Rallies

Arbitrum Foundation airdropped 1,275,000,000 ARB to its early adopters on March 23. Ever since then, the Ethereum scaling network entered a gradual increase. According to DefiLlama, Arbitrum’s total value locked (TVL) surged over 53% since the beginning of March. Remarkably, it marked its 8-month-high of $2.24 billion at press time. 

Initially, the token opened at a price between $1.2 to $1.5. The whales’ affinity on one side and the price drop on the other. At the time of writing, as per CMC, Arbitrum (ARB) traded at $1.355, down by 3.5% in the last 24 hours.