Token ARB Faces Selling Pressure from Whale Wallets
The price of Arbitrum's token ARB has dropped by over 20% in the past three days. Let's dive into the on-chain developments of the addresses contributing to ARB's decline with Coin68!
Token ARB Faces Selling Pressure from Whale Wallets. Source: Newton
- Wallet 0xe97
One whale wallet with the address 0xe97 dumped 3.8 million ARB tokens worth $3.26 million on Binance, incurring approximately $1.3 million in losses on September 11.
ARB sell-off transaction by 0xe97. Source: Scopescan
Previously, on April 4-5, this whale withdrew around 17.62 million ARB tokens valued at $21 million from Binance and Gate.io, at an average price of $1.19 USD.
Some ARB withdrawal transactions from Gate.io and Binance. Source: DeBank
Currently, this wallet still holds 13.78 million ARB tokens worth $10.78 million in its investment portfolio.
Investment portfolio of 0xe97. Source: Arkham Intelligence
- Wallet 0xDce
Wallet 0xDce, also known as vladilena2.eth, swapped 2,000 ETH (approximately $3.27 million USD) to purchase 3.64 million ARB tokens at an average price of $0.9 USD through decentralized exchanges like ParaSwap and 1inch from September 3 to September 8.
ARB purchase transaction on DEX. Source: DeBank
On September 11, the whale transferred all 3.64 million ARB tokens (worth around $2.87 million USD) to Binance. Based on the ARB price at the time of transfer, it's estimated this whale incurred a loss of approximately $300,000 USD.
ARB transfer transaction to Binance. Source: DeBank
It appears this whale's ARB trading hasn't been favorable, as earlier on August 13, the wallet used 800 ETH ($1.47 million USD) to purchase 1.27 million ARB tokens, but subsequently sold them at a loss of around $36,000 USD after holding them for three days.
- Wallet 0x695
Another whale wallet with the address 0x695 began withdrawing ARB tokens from Binance in July 2023, then deposited approximately 7 million ARB tokens into Aave to borrow USDC.
ARB deposit transaction on Aave. Source: DeBank
Due to the ARB price fluctuations, this wallet withdrew 5 million ARB tokens (equivalent to $3.85 million USD) from Aave and sold 4.5 million of these tokens (valued at $3.47 million USD) on Binance to repay the debt.
ARB transfer transaction to Binance. Source: Scopescan
Currently, this whale holds a total of 6 million ARB tokens worth $4.62 million USD.
Current investment portfolio. Source: DeBank
Regarding the Aave loan, the whale still collateralizes 2 million ARB tokens to borrow $263,667 USDC.
Loan on Aave. Source: DeBank
- Wintermute
In addition to the above whale wallets, Wintermute also transferred 5.29 million ARB tokens (approximately $4.08 million USD) to Binance.
Total ARB transferred out. Source: Scopescan
ARB transfer transaction to Binance. Source: Arkham Intelligence
- Other Addresses
On the morning of September 12, seven other whale wallets also sold ARB tokens.
According to Lookonchain, a total of 20.41 million ARB tokens were pushed onto exchanges, totaling $16.05 million USD. Overall, most whales sold at a loss, with a total value of $8.15 million USD.
Summary of whale wallets selling ARB on September 12. Source: @lookonchain on Twitter
1D chart of ARB/USDT pair on Binance, screenshot taken at 01:30 PM on September 12, 2023
