Crypto News – With a 6% price drop on September 11, Arbitrum (ARB) was not exempt from the current gloomy trend in the cryptocurrency market.
An Arbitrum Whale Chooses to Sell $3.8M Token as Markets Experience Tremendous Volatility
Whales have been interested in this downturn, and one significant holder is acting. 3.8 million ARB tokens (roughly $3.21 million) were recently sold by a large whale in exchange for ETH on the Binance platform, resulting in a loss of about $1.3 million, according to Lookonchain statistics.
The ARB market had previously seen considerable activity from this particular whale, who in early April withdrew from Binance 17.62 million ARB, valued at $21 million at an average price of $1.19. They still possess 13.78 million ARB tokens, worth $11.5 million, at this time.
ARB Token May Need Until The End Of The Year To Recover
While some whales are building up their Arbitrum holdings, such as one who spent 2,000 ETH (equivalent to approximately $3.27 million) to buy 3.64 million ARB at an average price of $0.9 since September 3, it is clear that optimism still exists in some circles.
But given the negative trade conditions in September, ARB would need more time—possibly until the end of the year—to recoup its growing pace. In short, investors who are waiting for prospective profit chances in the ARB market should proceed with care and patience.