Arbitrum, a leading Ethereum Layer 2 scaling solution, experienced a substantial asset shift among investors after its recent token unlocking.

This movement has markedly influenced its price over the past day.

Crypto Whales Send 8.95 Million ARB to Binance

On March 16, amid much anticipation, the Layer 2 network finally released over 1 billion ARB tokens, valued at more than $2 billion. This event had been closely watched, with the crypto community offering diverse perspectives on its potential impact.

Immediately following the token unlock, blockchain analytics firm SpotOnChain identified six wallets receiving tokens from the network’s vesting contracts, subsequently transferring them to crypto exchanges. SpotOnChain’s data revealed that these addresses moved 8.95 million ARB tokens, valued at approximately $16.4 million, to Binance. Notably, these wallets still retain 32.95 million ARB tokens, worth around $56.7 million.

Usually, transfers to exchanges are seen as a bearish event because it suggests that the holder wants to divest their crypto holdings.

Read more: Arbiscan: A Comprehensive Guide to Arbitrum Blockchain Explorer

These transfers, coupled with the Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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