According to Spot On Chain, the on-chain platform for crypto analytics, Arbitrum (ARB) price dropped 11% amid a market downtime and a major unlock. In a post on X, Spot On Chain noted that six wallets that recently received tokens from vesting contracts deposited 8.95 million ARB, equivalent to $16.4 million to Binance.
The $ARB price dropped 11% (12H) amid a market downtime and a major unlock!
In the past 12 hours, 6 wallets, which just received tokens from vesting contracts, have deposited 8.95M $ARB ($16.4M) to #Binance.
They still hold 32.95M $ARB ($56.7M) and may deposit out more tokens!… pic.twitter.com/165fOuMpvh
— Spot On Chain (@spotonchain) March 17, 2024
The analytics platform further noted that the identified wallets still hold 32.95 million ARB, worth $56.6 million, and may deposit more tokens.
Crypto users often study transaction patterns involving whales to understand and interpret market trends. In that line, when the crypto whales move digital assets to central exchanges like Binance, they may be preparing to sell. Often, such massive sell-offs lead to crashing crypto prices.
ARB’s price action showed the price extended its drop around the period referenced by Spot On Chain. Although the Layer-2 protocol’s token was already on a downward trajectory, it broke through significant support, dropping further with notable momentum. The drop saw ARB fall below $1.685 for the first time since the beginning of February, with the price trading for $1.6435 at the time of writing, according to data from TradingView.
It is essential to note that the dropping crypto prices are not peculiar to Arbitrum, as several top cryptocurrencies, including Bitcoin and Ethereum, have experienced significant dips in the past few days. Bitcoin has lost over 12% of its value in the past three days, dropping from the recently achieved all-time high of $73,794 to trade for $64,707 at the time of writing.
Meanwhile, Ethereum has lost over 16% over the same period, dropping from $4,095 to $3,432. Both top cryptos led the fall as the market experienced a massive pullback after rallying significantly in the past few weeks.
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