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Arbitrum holding whale group moved their assets to exchanges following the release of a large number of earned tokens at the beginning of March. On March 23, blockchain data platform Lookonchain detected four more wallets transferring ARB tokens to exchanges after the unlocking of $2.32 billion worth of earned tokens on March 16.
What’s Happening on the Arbitrum Front?
Whales transferred 11.34 million ARB tokens to Binance in four different transactions. These assets were valued at $18.5 million during the transfer.
Members of the crypto community are divided over the recent fund movements in Arbitrum. While one user X does not think this is a sign of a downturn, another believes that ARB will not rise at this point. This event follows another group of transfers last week where 11 whales deposited ARB into exchanges. On March 18, Lookonchain noted that whales transferred ARB tokens worth $58 million to exchanges.
The transfers occurred after the Layer-2 blockchain project Arbitrum released $2.3 billion worth of tokens following its vesting period. The project allocated 673.5 million ARB to advisors and team members, while 438.25 million ARB tokens were allocated for investors.
Token Unlock Events to Continue
The project released the tokens through a lock process where tokens were released all at once. While this led to predictions of a major dump, some hoped it would not happen. Weeks after the token unlock, ARB prices entered a downward trend. On March 13, ARB recorded a high value of $2.22. However, prices fell to $1.84 on March 16 when the token unlock occurred.
In the past seven days, the token dropped to $1.48 on March 19 but reached $1.79 on March 21. At the time of writing this article, ARB was trading at $1.70. According to data tracker CoinGecko, ARB’s current price point is nearly 29% lower compared to its all-time high of $2.39 on January 12.
While the token vesting unlock seems to have an existing impact on prices, this downward price trend may not be the end. According to Token Unlocks data, Arbitrum is set to release another 92.65 million ARB tokens for advisors, the team, and investors on April 16.
