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News

Arbitrum Whales Are Losing Money In Latest Sell-Off

September 12, 2023 - Around 2 mins mins to read

Key Points:

  • Notable trading firms moved significant amounts of Bitcoin, Ethereum, and Arbitrum to various exchanges amid a crypto market sell-off.
  • Seven crypto whales suffered a collective loss of $8.15 million, selling 20.41 million ARB tokens in the past 30 hours.
  • ARB hit an all-time low despite its high TVL, sparking concerns about its competitive edge in the market.
Amidst the recent crypto market downturn, several significant players, including Jump Trading, Wintermute Trading, and Abraxas Capital, initiated large-scale transfers of BTC, Arbitrum (ARB), and ETH to various crypto exchanges, as per on-chain data.
Arbitrum Whales Are Losing Money In Latest Sell-Off

In the past 30 hours, seven major cryptocurrency whales incurred losses by selling a total of 20.41 million ARB tokens (equivalent to $16.05 million), resulting in a collective loss of $8.15 million, marking a decline of 33.67%, according to data tracked by Lookonchain.

The cryptocurrency market’s current valuation has hit a six-month low, reminiscent of March’s levels. The market’s bearish sentiment intensified following the August crash, coupled with concerns about SOL and FTX bankruptcy proceedings.

This bearish trend extended to trading firms, with giants like Jump Trading, Abraxas Capital Management, and Wintermute Trading collectively depositing over $30 million worth of Bitcoin, Ethereum, and Arbitrum across exchanges, according to analysis firms Arkham Intelligence and Lookonchain.

Arkham Intelligence highlighted Abraxas Capital’s transfer of 14,130 ETH (approximately $22.5 million) to Bitfinex, while market maker Jump Trading moved almost 236 BTC (approximately $5.9 million) to Binance. Wintermute Trading, a major market maker, also deposited 5.285 million ARB (approximately $4.07 million) into Binance.

Despite its previous prominence, ARB witnessed a sharp decline between September 9 and September 11, reaching an all-time low.

This downturn has raised questions about the competitive advantage of the Arbitrum network, even though its total value locked (TVL) still surpasses $1.64 billion. Investors are now eagerly seeking insights into the factors contributing to this decline.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Abraxas Capital

ARB

Arbitrum

Jump Trading

Wintermute Trading

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Arbitrum Whales Are Losing Money In Latest Sell-Off

Key Points:

  • Notable trading firms moved significant amounts of Bitcoin, Ethereum, and Arbitrum to various exchanges amid a crypto market sell-off.
  • Seven crypto whales suffered a collective loss of $8.15 million, selling 20.41 million ARB tokens in the past 30 hours.
  • ARB hit an all-time low despite its high TVL, sparking concerns about its competitive edge in the market.
Amidst the recent crypto market downturn, several significant players, including Jump Trading, Wintermute Trading, and Abraxas Capital, initiated large-scale transfers of BTC, Arbitrum (ARB), and ETH to various crypto exchanges, as per on-chain data.
Arbitrum Whales Are Losing Money In Latest Sell-Off

In the past 30 hours, seven major cryptocurrency whales incurred losses by selling a total of 20.41 million ARB tokens (equivalent to $16.05 million), resulting in a collective loss of $8.15 million, marking a decline of 33.67%, according to data tracked by Lookonchain.

The cryptocurrency market’s current valuation has hit a six-month low, reminiscent of March’s levels. The market’s bearish sentiment intensified following the August crash, coupled with concerns about SOL and FTX bankruptcy proceedings.

This bearish trend extended to trading firms, with giants like Jump Trading, Abraxas Capital Management, and Wintermute Trading collectively depositing over $30 million worth of Bitcoin, Ethereum, and Arbitrum across exchanges, according to analysis firms Arkham Intelligence and Lookonchain.

Arkham Intelligence highlighted Abraxas Capital’s transfer of 14,130 ETH (approximately $22.5 million) to Bitfinex, while market maker Jump Trading moved almost 236 BTC (approximately $5.9 million) to Binance. Wintermute Trading, a major market maker, also deposited 5.285 million ARB (approximately $4.07 million) into Binance.

Despite its previous prominence, ARB witnessed a sharp decline between September 9 and September 11, reaching an all-time low.

This downturn has raised questions about the competitive advantage of the Arbitrum network, even though its total value locked (TVL) still surpasses $1.64 billion. Investors are now eagerly seeking insights into the factors contributing to this decline.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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