Arbitrum Whales Make Waves: 58M Dollars Transferred to Exchanges After Unlock

Crypto News- The crypto waters are churning as whales in the Arbitrum (ARB) ecosystem make their move, shifting their digital assets onto exchanges following a massive token unlock on March 16.

Arbitrum Whales Make Waves: 58M Dollars Transferred to Exchanges After Unlock

According to blockchain analysis firm Lookonchain, the scene is bustling with activity as at least 11 whales have recently deposited their tokens onto exchanges in the wake of the unlock. In a collective effort, these majestic creatures have unleashed a staggering 34 million tokens, valued at nearly $58 million as of the latest update.

This flurry of activity comes on the heels of Arbitrum’s grand unveiling of 1.1 billion ARB tokens, equivalent to a hefty $2.32 billion, on that fateful March day. The unlock wasn’t a quiet affair either, as data from crypto vesting tracker Token Unlocks reveals the distribution of 673.5 million tokens to advisers and team members, along with 438.25 million tokens for investors.

Cliff Unlock Sparks Speculation: Whales Sell, Optimists Hope

The unlock, dubbed a “Cliff Unlock,” sent shockwaves through the community, triggering speculation that a wave of short positions against the token would follow suit. Indeed, some community members took to social media to declare their ARB sales, while others clung to hope, anticipating a bullish trajectory akin to previous vesting unlock periods.

However, hopes were dashed as ARB prices experienced a steady descent in the days leading up to the unlock event. From a high of $2.22 on March 13, the token plummeted to $1.84 on March 16, marking a significant decline. The following day saw an even steeper drop to $1.64, hitting a seven-day low.

As of now, ARB is lingering around the $1.70 mark, nearly 29% below its all-time peak of $2.39 achieved on Jan. 12. The unlocked tokens have already exerted downward pressure, driving prices down by 23.42%, leaving holders in a state of uncertainty.

And the saga continues, as Token Unlocks foretells the release of another 92.65 million tokens on April 16. Valued at approximately $157 million based on current market prices, these tokens will be unleashed en masse to the Arbitrum team, advisers, and investors, keeping the ecosystem on its toes for the foreseeable future.