In recent times, the price of Arbitrum’s ARB token has experienced a significant decline, losing more than 20% of its value within 3 days. This volatility attracted the attention of the crypto community as a series of large investors, known as “whales,” simultaneously sold ARB at significant losses.
One of the typical examples is that on September 11, a whale wallet with address 0xe97, sold off a total of 3.8 million ARB on Binance. The value of this transaction reached about 3.26 million USD, thereby recording a loss of about 1.3 million USD.
In addition, market maker Wintermute also recently attracted the community’s attention when transferring 5.29 million ARB (about 4.08 million USD) to Binance.
The fact that Whales simultaneously sold ARB at a loss has increased the pressure on this token as well as decreased investor expectations for ARB.
Also on September 11, another whale wallet with the address 0xDce, also known as vladilena2.eth, made a series of notable transactions. Previously, this wallet used 2,000 ETH (equivalent to about 3.27 million USD) to buy a total of 3.64 million ARB tokens, with an average price of 0.9 USD. On September 11, this whale transferred all 3.64 million ARB to Binance. Based on the ARB price at the time of the transfer, it can be estimated that this “whale” sold the ARB at a loss of approximately 300,000 USD.
Another “whale” wallet, 0x695, recently withdrew 5 million ARB from Aave and sold 4.5 million of them for $3.47 million on Binance to pay off debt.
In addition, not only the wallet addresses mentioned above, on the morning of September 12, 7 more whale wallet addresses conducted the sale of ARB.
According to data from Lookonchain, these 7 “whales” pushed 20.41 million ARB tokens onto the exchange with a total value of about 16.05 million USD.
In total, these ” whales ” sold ARB at a loss of up to 8.15 million USD (about 33.67% of the account).
Read more:
Ethereum & Solana: Visa Expands Stablecoin Payments
MetaMask Launches Feature to Sell Crypto
