Coinbase Withdraws Significant Amounts of Arbitrum

Today marks an important development for Arbitrum, closely followed by Turkish investors with significant investments. Although our headline suggests a risky situation, the large withdrawals of ARB from Coinbase likely do not indicate an amount for sale. However, it is still worth monitoring as these exits might lead to re-entries into exchanges in the future. Let’s delve into the details.

Arbitrum Withdrawn from Coinbase

Not long ago, we witnessed an Arbitrum movement by two newly created cryptocurrency wallets from Coinbase. The amounts were significant enough to catch the attention of OnchainDataNerd. The activity, which occurred 12 hours ago, includes numerical details.

According to this, the first wallet identified as 0xAe0 withdrew 4.4 million ARB tokens worth approximately $4.93 million. We do not know the details of this large withdrawal. However, the wallet owner likely intended to use them for trading, staking, or other uses within the broader cryptocurrency ecosystem.

The second wallet, identified as 0xD58, executed an even larger withdrawal of 5 million ARB tokens, equivalent to approximately $5.6 million. As with the first wallet’s activities, the actual intentions of this wallet remain unknown.

Arbitrum Coin Analysis

Looking at the Arbitrum (ARB) price, it is worth noting that it behaves similarly to XRP, showing some resistance. There are indeed investors who have invested at very high levels in ARB. These individuals are still holding on, waiting for the ARB price to reach their buying levels.

At the time of writing, the ARB price is trading at $1.12. Considering the RSI is at 42, it can be said that the cryptocurrency is approaching a level where selling is somewhat intense. At such a stage, the price may trend downward in the coming days.

ARB coin has 2.9 billion tokens in circulation. Additionally, the maximum token supply will be 10 billion. Considering the monthly token unlocks, I believe it will be challenging for ARB to reach double-digit figures like $10 or more during the bull season.