ARB’s Price Continues to Drop As Whale Deposited 8.95M Tokens to Binance

ARB’s price has experienced a significant drop as a result of a whale depositing 8.95 million tokens to Binance, according to crypto analytics platform Spot On Chain. This deposit, worth $16.4 million, was made by six wallets that recently received tokens from vesting contracts. The price of ARB decreased by 11% in the past 12 hours due to this market activity and unlock event. These wallets still hold a total of 32.95 million ARB, equivalent to $56.6 million, and there is a possibility of further token deposits. Studying transaction patterns involving whale activity can provide insights into market trends, and when whales move digital assets to centralized exchanges like Binance, it often indicates a potential sell-off. The drop in ARB’s price coincided with Spot On Chain’s observations, as the token broke through significant support levels and fell below $1.685 for the first time since February. At the time of writing, ARB was trading at $1.6435. It is worth noting that ARB is not the only cryptocurrency experiencing a decline in price, as Bitcoin and Ethereum have also witnessed significant dips in recent days. Bitcoin has lost over 12% of its value, dropping from its all-time high of $73,794 to $64,707, while Ethereum has dropped by over 16% from $4,095 to $3,432. These market pullbacks come after a period of substantial rallies for both cryptocurrencies. As always, readers are reminded to exercise caution and conduct thorough research before making any financial decisions.