Massive Selling Pressure Continues for Popular Altcoin with Opening of Massive Locks!

Corporate whales have begun trading in the altcoin that witnessed a large amount of lock opening a short time ago.

According to data transmitted by the on-chain analysis platform Spot On Chain, two different corporate whales made large sales parallel to the lock openings experienced specifically in Arbitrum (ARB).

The data revealed that one of the largest corporate cryptocurrency investors, GSR, transferred 26 million ARB worth $45 million to the cryptocurrency exchange Binance in the last 1 week. All of these ARB assets came from the large lock opening.

Another corporate cryptocurrency whale, Wintermute, made a transfer of 21.2 million ARB worth $35.7 million to Binance. After this transfer, Wintermute was left with 19.9 million ARB worth $33 million.

Last week, Arbitrum hosted a lock opening worth $2 billion and then saw significant price drops. Similarly, the whales’ exchange transfers were among the factors that negatively affected the ARB price.

According to CoinGecko data, ARB, which has experienced a 1% decrease in the last 24 hours, is trading at $1.6 at the time of writing.