Whales Sell Dump ARB Despite Losses
The price of Arbitrum (ARB) has been facing significant challenges since its launch earlier this year. The altcoin entered a bear market and has experienced a continuous decline in price. This downward trajectory has triggered panic-selling, with even the whales joining in on the sell-off.
On-chain tracker Lookonchain reported that several large whales have been selling millions of ARB tokens despite incurring substantial losses. Wintermute Trading, one of the whales, sent 4.35 million tokens worth $3.36 million to the Binance exchange. Another whale moved 3.8 million tokens worth $2.93 million to Binance as well. In a span of 30 hours, seven whales dumped a total of 20.4 million ARB tokens on the open market. With ARB prices currently at all-time lows, these investors are facing significant losses.
According to Lookonchain, the whales collectively spent $24.19 million to acquire the 20.4 million ARB tokens over the past few months. However, they only realized $16.05 million from their recent selling, resulting in a loss of over $8 million, equivalent to a 34% decrease in their initial investment.
Primed For A Reversal?
Despite the continuous selling pressure, Arbitrum still maintains the highest total value locked (TVL) among all Ethereum Layer 2 networks. Its TVL currently stands at $2.3 billion, surpassing Polygon’s $970 million and Optimism’s $798 million. This indicates that there is still confidence in the Arbitrum network, especially considering its daily active user count, which exceeds 100,000.
The short-term performance of ARB is dependent on the overall sentiment of the crypto market. If Bitcoin’s price starts to rise and sentiment improves, it is likely that altcoins like ARB will follow suit and recovery will ensue.
At present, the ARB price is $0.7731, reflecting a 6.46% decrease in the last day and a 13.47% decrease in the last week.
Sources:
– Arbitrum could be the best Layer 2 play
– Whale selling triggers ARB price decline
– Wintermute accused of enabling wash trading
– Lookonchain transaction details
– Polygon connects Layer 2 networks on Ethereum
– Ethereum Layer 2 TVL surges to new all-time high
– Arbitrum TVL remains above $2.3 billion
– Bitcoin death cross imminent: what data says
– Arbitrum price dumps to all-time lows
Please note that bitcoinist.com is not directly referenced or linked in the rewritten article.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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