Unexpectedly, a mysterious whale, who was the biggest purchaser of ARB tokens on the first day of listing, transferred all 9.94 million ARB tokens, currently valued at $17 million, to Binance, according to Lookonchain. The transfer, which is typically indicative of an intent to sell, happened after the price of the Arbitrum token increased by 40% over the previous week, making it, according to CoinMarketCap, the third-most profitable cryptocurrency of the week among the top 10 largest cryptocurrencies by market cap.
On March 24, the whale gained notoriety when they purchased 4.94 million Arbitrum tokens with 3,700 ETH, or $6.79 million, at an average price of $1.38, becoming the greatest buyer of the Arbitrum token on its first day of listing. The investor’s total holdings increased to 9.94 million ARB tokens valued at $11.33 million on March 28 after receiving an extra 5 million ARB tokens worth $5.73 million from Binance.
The whale’s move to send all of their ARB tokens to Binance for an unknown reason has undoubtedly attracted the attention of the cryptocurrency community. While some fans suspect that the whale may be looking to profit from the recent price increase, others think they may have a long-term plan in mind. What the whale will do next and how it will affect the bitcoin market are unknown at this point.
