Arca Sends 1.49M ARB to Binance, Losing $465K

Lookonchain, the on-chain tracking platform, revealed in an X (formerly Twitter) post earlier today that the investment firm Arca sent a substantial amount of Arbitrum (ARB) to Binance a few hours ago. According to the post, Arca sent 1.49 million ARB tokens, valued at $1.21 million, to the leading cryptocurrency exchange platform.

Arca (@arca) deposited 1.49M $ARB ($1.21M) to #Binance at a price of $0.815 5 hours ago and is expected to lose $465K.

Arca’s investment this year appears to be terrible.

Lost $213K on $GMX, $304K on $DYDX, $142K on $DPX, $107K on $SYN;

Only made a profit of $294K on $RDNT. pic.twitter.com/qPSuZc4MSA

— Lookonchain (@lookonchain) October 12, 2023

Notably, Arca selling its ARB tokens resulted in them losing $465,000, according to Lookonchain. This was not the first investment this year that has not gone in favor of Arca, as the analytics revealed that the investment firm saw their positions in GMX, DYDX, DPX, and SYN end in losses.

Lookonchain data showed that Arca lost $231K and $304K, respectively, in their GMX and DYDX positions. Meanwhile, its investments in DPX and SYN saw the firm lose $142K and $107K, respectively. Not all of Arca’s investments went sour, however, as its position in RDNT yielded a profit of $294K.

Meanwhile, at press time, CoinMarketCap data indicated that almost all of the cryptocurrencies mentioned in Lookonchain’s post achieved 24-hour gains. Only DYDX suffered a loss during the past day of trading, as its price dropped more than 3%. Subsequently, the altcoin was changing hands at $1.84 at press time.

On the other hand, GMX saw its price rise 0.59%. As a result, the cryptocurrency’s value stood at $35.88. Similarly, DPX and SYN recorded price increases of 10.92% and 1.96%, respectively, over the past 24 hours. Subsequently, DPX was trading hands at $81.77, while SYN’s price stood at $0.2805.

Although DPX’s price was up at press time, it was slightly down from the peak of $82.69 that it was able to establish throughout the past day of trading. Nevertheless, the altcoin was still trading closer to its 24-hour high than its daily low, which was situated at $73.72. Lastly, RDNT’s price was up 0.67% and was trading at $0.2157 as a result.

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