Two Prominent Market Making Firms Offloaded This Altcoin Today!
According to onchain data from the cryptocurrency market, two major market maker firms have made significant sell-offs of an altcoin within the last 24 hours.
Wintermute, one of the market maker companies, recently deposited a staggering 2.10 million Arbitrum (ARB) tokens valued at $1.16 million into the well-known cryptocurrency exchange, Binance.
Following Wintermute’s move, the reputable market maker firm, GSR, also transferred a substantial amount of ARB tokens. Specifically, GSR shifted 4.71 million ARB tokens worth approximately $2.57 million to Binance.
In light of these transactions, Wintermute now retains about $1.68 million worth of ARB tokens, whereas GSR holds a total value of $3.03 million in ARB tokens.
As a consequence of these transfers, the price of ARB experienced a decline of approximately 6% in value.
The cryptocurrency market, particularly the altcoin sector, continues to exhibit bearish momentum. Over the last day, the overall market capitalization of cryptocurrencies plummeted by 2.29%, reaching $2.27 trillion. Within the top 100 cryptocurrencies, Aerodrome Finance (AERO), Worldcoin (WLD), and Floki Inu (FLOKI) suffered the most significant declines.
However, amidst the general downward trend, several cryptocurrencies managed to stay in the green zone. Notably, Goatseus Maximus (GOAT), Safe (SAFE), and ApeCoin (APE) demonstrated resilience in this challenging week.
*Please note that the above information does not constitute investment advice.