ARKM Token by Arkham Bucks Trend with 3% Price Uptick, Amidst Wintermute Sell-Off Rumors

Crypto News– Prominent blockchain analytics firm, Arkham Intelligence, seems to be engaged in selling its ARKM tokens through the crypto market maker Wintermute, as indicated by on-chain data.

ARKM Token by Arkham Bucks Trend with 3% Price Uptick, Amidst Wintermute Sell-Off Rumors

On October 16, a crypto investigator known as Lookonchain reported that the Arkham Ecosystem Fund Wallet had transferred a substantial 21.58 million ARKM tokens, valued at approximately $7.34 million, to Wintermute.

As of the time of this report, the motives behind these transactions remain undisclosed. Typically, transfers to exchanges are interpreted as an intention to sell, but Arkham has not yet responded to inquiries from CryptoSlate.

This alleged selling activity by Arkham follows a series of similar transactions recently undertaken by the ecosystem wallet. According to Lookonchain, the wallet previously transferred 25.75 million ARKM tokens worth $8.74 million to the same “0xfF3E” wallet on October 3. Through this process, Arkham deposited roughly 4.15 million ARKM tokens worth $1.41 million into Binance between October 5 and October 12.

SpotOnChain, another blockchain analytics firm, has corroborated these transactions.

Arkham Intelligence introduced the ARKM token earlier in the year amidst criticism, as it launched its on-chain intelligence marketplace. The ARKM token plays a critical role on the platform, facilitating the setup and receipt of bounties.