Arbitrum Whales Transfer $18.5M Tokens After $2.3B Unlock

Following the recent release of vested tokens in March, a group of whales holding Arbitrum (ARB) coins has moved their tokens into exchanges. On March 23, Lookonchain, a blockchain data platform, detected four wallets transferring 11.34 million ARB tokens onto Binance in separate transactions. These tokens were valued at $18.5 million at the time of the transfer. The crypto community’s opinion on these fund movements is divided, with some seeing it as a bearish sign while others believe that the ARB token will not see an upward trend at this point.

This recent event adds to a previous batch of transfers that occurred on March 18, when 11 whales also deposited their ARB tokens into exchanges. Lookonchain reported that these whales transferred $58 million worth of ARB tokens. These transfers took place after Arbitrum released $2.3 billion worth of tokens following the vesting period. Out of the total allocation, 673.5 million ARB tokens were reserved for advisers and team members, while 438.25 million ARB tokens were meant for investors. The release of these tokens created speculation about a potential massive dump, although some individuals were hopeful that this would not occur.

In the weeks following the token unlock, the prices of ARB tokens experienced a downward trend. On March 13, the ARB token reached a high of $2.22, but dropped to $1.84 on March 16, the day of the token unlock. Over the past seven days, the token’s value reached a low of $1.48 on March 19, but saw a high of $1.79 on March 21. It is currently hovering around $1.70. CoinGecko, a coin data tracker, indicates that the current price of ARB is nearly 29% lower compared to its all-time high of $2.39 on January 12.

While the token vesting unlock already impacted the prices of ARB, it is possible that the downward trend may continue. According to the crypto vesting tracker Token Unlocks, Arbitrum is scheduled to release an additional 92.65 million ARB tokens for its advisers, team, and investors on April 16.