Arbitrum Whales Are Losing Money In Latest Sell-Off

In the past 30 hours, seven major cryptocurrency whales incurred losses by selling a total of 20.41 million ARB tokens (equivalent to $16.05 million), resulting in a collective loss of $8.15 million, marking a decline of 33.67%, according to data tracked by Lookonchain.

The cryptocurrency market’s current valuation has hit a six-month low, reminiscent of March’s levels. The market’s bearish sentiment intensified following the August crash, coupled with concerns about SOL and FTX bankruptcy proceedings.

This bearish trend extended to trading firms, with giants like Jump Trading, Abraxas Capital Management, and Wintermute Trading collectively depositing over $30 million worth of Bitcoin, Ethereum, and Arbitrum across exchanges, according to analysis firms Arkham Intelligence and Lookonchain.

Arkham Intelligence highlighted Abraxas Capital’s transfer of 14,130 ETH (approximately $22.5 million) to Bitfinex, while market maker Jump Trading moved almost 236 BTC (approximately $5.9 million) to Binance. Wintermute Trading, a major market maker, also deposited 5.285 million ARB (approximately $4.07 million) into Binance.

Despite its previous prominence, ARB witnessed a sharp decline between September 9 and September 11, reaching an all-time low.

This downturn has raised questions about the competitive advantage of the Arbitrum network, even though its total value locked (TVL) still surpasses $1.64 billion. Investors are now eagerly seeking insights into the factors contributing to this decline.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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