• Seven ARB whales have sold over 20 million tokens exceeding $16 million.
  • ARB has plunged into the oversold zone and has remained there despite a 1% rise in price.

Arbitrum’s [ARB] recent price performance has been unfavorable over the past few days. In addition to the declining prices, there has been a notable negative shift in whale activity, with a significant sell-off occurring within the last 30 hours.

Read Arbitrum (ARB) Price Prediction 2023-2024

Arbitrum whales sell-off at a loss

According to an 11 September post by Lookonchain, an Arbitrum whale with a substantial long position in Aave decided to withdraw their holdings and transfer them to Binance. The data indicated that this whale withdrew 5 million ARB tokens, equivalent to approximately $3.85 million, within 5 hours.

Subsequently, the same whale deposited 3.85 million ARB tokens, valued at nearly $3 million, onto Binance. Notably, the data also revealed that this whale still possessed approximately 8 million ARB tokens valued at over $6 million.

In addition to this individual’s actions, Lookonchain’s post highlighted that in the preceding 30 hours, seven different whales have executed ARB token sell-offs, incurring losses. These collective whales offloaded 20.41 million ARB tokens, with a combined value exceeding $16 million.

Consequently, these ARB whales collectively realized losses exceeding $8 million, representing a substantial decline of approximately 34%.

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