Crypto Titans: Arbitrum Whales Shift $58M Amid Token Unlock Surge

Whales who own Arbitrum (ARB) tokens began transferring their digital assets to crypto exchanges after releasing many vested tokens on Mar 16.

On Mar 18, Lookonchain, a company that studies blockchain stuff, said that 11 big crypto holders put their tokens into exchanges after they were free to do so. These 11 big shots together dumped 34 million tokens worth nearly $58 million when they did it.

Here are the wallet addresses that moved ARB tokens after they were unlocked. Source: Lookonchain

After a big unlock event by the layer-2 blockchain project, Arbitrum opened up 1.1 billion ARB tokens on Mar 16. That’s a whopping $2.32 billion worth! According to data from Token Unlocks, they gave out 673.5 million tokens to their advisors and team members, and another 438.25 million went to investors.

The project did a “Cliff Unlock,” where they simultaneously let out all the tokens. This made people think that many folks would bet against the token. Some folks from the community even went on social media and said they sold their ARB.

Some people hoped the token wouldn’t drop in value. They thought it might rise, like when tokens became available for trading, but that didn’t happen with ARB.

Crypto Plunge Precedes Token Unlock

During the week before the unlock, ARB token prices kept going down. It hit its highest point at $2.22 on Mar 13, but by Mar 16, the day of the unlock, it had fallen to $1.84.

The token fell more yesterday, hitting $1.64, the lowest in seven days. Right now, it’s at about $1.70, nearly 29% less than its highest ever, $2.39, back on Jan 12.

Arbitrum token’s seven-day price chart. Source: CoinGecko

The tokens that were freed up already caused the price to drop by 23.42%. But folks holding onto them might not see things getting better soon. Token Unlocks says Arbitrum will drop another 92.65 million tokens on Apr 16.

Arbitrum unlock progress and countdown to unlock next. Source: Token Unlocks

These tokens are valued at about $157 million based on what people are paying for them now. They’ll be given out all at once to the Arbitrum team, its advisors, and the people who put money into it.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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