Arbitrum: moved $58 million to crypto exchanges after token unlock

For the Arbitrum network, it seems that after the token unlock on March 16th, at least 11 whales have moved the equivalent of 58 million dollars worth of ARB to crypto exchanges. 

Arbitrum: whales move $58 million to crypto-exchanges after ARB unlock

On March 16th, Arbitrum unlocked 1.1 billion tokens, worth approximately 2.32 billion dollars, for its team, advisors, and investors.

After the unlock, it seems that at least 11 whales have moved the equivalent of $58 million worth of ARB to crypto-exchanges. This was reported by the blockchain analysis company Lookonchain: 

https://twitter.com/lookonchain/status/1769586523639562691?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

“After the massive unlock of $ARB, 11 whales have deposited a total of 34 million $ARB (58 million dollars) in exchanges.”

Basically, what Arbitrum has done is a “rush unlock”, which means that the tokens were all released at once. 

In addition to the whales, who would have moved a total of 34 million ARB to crypto-exchanges, it also seems that holders wanted to sell ARB, given its price drop. 

Arbitrum and the price drop of the ARB crypto during token unlock

While the unlocking of ARB tokens took place on March 16, the price of the crypto started to drop from the previous day, March 15. 

And indeed, the price of ARB has dropped from $2 to the current $1.66 in just 3 days. Looking at the past week, the price of ARB is down by -20%. 

In the overall ranking of cryptocurrencies, ARB is in 55th place with a market capitalization of 2.11 billion dollars. 

But that’s not all, according to Token Unlocks, Arbitrum is expected to release another 92.65 million tokens on April 16.

These tokens have a value of approximately 157 million dollars at current market prices and will all be released at once to the Arbitrum team, its consultants, and investors.

The Atlas Update

Recently, Arbitrum has made headlines for the successful update called “Atlas”, which introduces the use of blobs.

At the same time, Offchain Labs, in the context of Atlas, has integrated support for the Dencun upgrade in the Arbitrum ecosystem. 

In this way, Atlas’s goal of reducing transaction costs on Ethereum Layer 2 can be achieved, by leveraging the incorporation of blob transactions.