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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Buy Or Sell Arbitrum (ARB)? Here’s What Whales Are Doing

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Arbitrum

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The Arbitrum airdrop has been one of the most highly anticipated events in the crypto space in recent weeks, but the price performance of the ARB token is rather disappointing at the moment. Facing a massive selling pressure from the beneficiaries of the airdrop, the Arbitrum token dropped to a low of $1.11 on Monday.

Since then, however, ARB has been in an uptrend, maneuvering the price up to $1.44 yesterday. With this, ARB gained 23% since the beginning of the week. At the moment, however, there is a correction that caused the price to drop. But, where do we go from here?

Are Wale And Institutions Buying Or Selling ARB?

On-chain analysis service provider Lookonchain has analyzed the largest Arbitrum whales to find out what the “smart money” is doing. In doing so, the analysis service found that Amber Group, a leading digital asset company, has reduced most of its ARB holdings.

Two related addresses of Amber transferred 11.2 million ARB worth $15.8 million, of which 7.3 million ARB (about $10.3 million) were transferred to crypto exchanges OKX and Binance. The remaining 4.47 million ARB worth $6.3 million continue to be held by the Amber related address.

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Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2?

2 years ago

However, other whales are accumulating the ARB token. In total, Lookonchain has found three major holders adding to their holdings. Whale “0xe04d” received 2.186 million ARB (about $3.08 million) from OKX the day before yesterday, and bought another 1.861 million ARB (about $2.62M) from OKX and Binance yesterday.

Another whale currently holds 4,048 million ARB (around $5.71M). Whale “0xadf5” received 2.288 million ARB (around $3.22M) from OKX a day ago, and added another 1.81 million ARB (around $2.55 million) a little later. Currently, he holds 4.099 million ARB (about $5.78M).

In addition, the largest buyer continues to hold ARB and has not transferred any of his Arbitrum tokens. This unknown whale still holds 9.94 million ARB (about $14 million). He had increased his holdings by 5 million ARB on the first day of the listing on major exchanges.

Arbitrum Fundamentals Remain Strong

As analyst Aylo outlined in a Twitter thread, Ethereum’s layer-2 technology shows no signs of slowing down after the airdrop. Arbitrum has done more DEX volume in the last 24 hours than BSC, Polygon, and Avalanche combined, as the chart below shows.

Arbitrum DEX volume
Arbitrum DEX volume comparison | Source: Twitter @alpha_pls

Also bullish are daily transactions and daily active addresses, which remain higher than a month ago. Likewise, TVL shows consistent growth and continues to climb higher. TVL reached a new high of $2.2 billion yesterday, up from around $1.5 billion in the middle of the month.

Arbitrum TVL
Arbitrum TVL | Source: Twitter @alpha_pls

In addition, Arbitrum is seeing the largest percentage increase in stablecoins bridged in the last 7 days. Daily revenue is also steadily increasing.

Related Reading

Arbitrum ARB airdrop

Arbitrum (ARB) Airdrop Is Around The Corner, How To Trade It

1 year ago

ARB Price Today

At the time of writing, ARB was at $1.35. Since Monday’s low, ARB’s 1-hour chart shows a clean uptrend that is still intact despite the consolidation. ARB continues to post higher highs and higher lows.

Currently, the most important support is the $1.32 level. If ARB falls below this price, the uptrend could falter. For now, however, the bulls retain the upper hand.

Arbitrum ARB price
ARB price, 1-hour chart | Source: ARBUSD on TradingView.com
Featured image from Kraken Blog, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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