ARB Token Drops Sharply Due to Sell-off Pressure from Crypto Whales - Arbitrum (ARB) tokens have dropped sharply in recent daze due to selling pressure from crypto whales.

    Whale 0xe97

    Source: Scopescan

    A whale wallet with the address 0xe97 deposited 3.8 million ARB worth $3.26 million to Binance on Sep 11. Previously on April 4-5, this whale withdrew 17.62 million ARB, valued at $21 million from Binance and at an average price of $1.19. In its investment portfolio, the whale is still holding 13.78 million ARB worth $10.78 million.

    Whale 0xDce

    The address 0xDce, also known as vladilena2.eth, swapped 2,000 ETH ($3.27 million) to buy 3.64 million ARB tokens at an average price of 0.9 USD through decentralized exchanges like ParaSwap and 1inch from September 3 to September 8.

    On Sep 11, this whale transferred all 3.64 million ARB tokens (worth about $2.87 million) to Binance. It is estimated that this whale lost approximately $300,000.

    Source:  DeBank

    Previously on August 13, the wallet had expended 800 ETH ($1.47 million) to buy 1.27 million ARB tokens, but then the 0xDce wallet also sold with a loss of about $36,000just 3 days later.

    Whale 0x695

    Another whale with wallet address 0x695 withdrew ARB from Binance in July 2023, then deposited 7 million ARB tokens into Aave to borrow USDC. Due to ARB price fluctuations, this wallet withdrew 5 million ARB (equivalent to $3.85 million) from Aave and sold 4.5 million of these tokens (worth $3.47 million) to repay the debt.

    Source: Scopescan

    As of now, this whale still collateralizes 2 million ARB tokens to borrow 263,667 USDC.


    Besides the crypto whales above, Wintermute also transferred 5.29 million ARB ($4.08 million) to Binance.

    Source: Scopescan

    Other addresses

    On Sep 12, 7 other whale wallet addresses also sold ARB. According to Lookonchain, a total of 20.41 million ARB tokens were pushed onto the market, with a total value of $16.05 million. They suffered a loss of $8.15 million.

    ARB Token price chart in 7 days (Source: CoinMarketCap)

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