On-chain knowledge reveals that crypto whales are snapping up the native asset of a scorching Ethereum (ETH) layer-2 mission by the hundreds of thousands.
Blockchain-tracking agency Lookonchain says that digital asset supervisor Amber Group despatched hundreds of thousands of {dollars} price of Arbitrum (ARB) tokens to crypto exchanges OKX and Binance, the place they may probably be offered on the open market.
“Two associated addresses of Amber transferred 11.2 million ARB ($15.8 million), out of which, 7.3 million ARB ($10.3 million) was transferred to OKX and Binance and at present holding 4.47 million ARB ($6.3 million).”
Whereas Amber Group lowered its ARB holdings, Lookonchain says a number of crypto whales have been within the technique of accumulating ARB. In response to the analytics agency, one whale collected a complete of 4,048,947 ARB price $5.7 million from OKX and Binance inside the final 48 hours.
A second whale acquired 4,099,517 ARB price $5.78 million from OKX over the identical timeframe. In the meantime, a 3rd crypto whale collected 1,003,798 ARB price $1.41 million from crypto change Binance.
At time of writing, ARB is buying and selling for $1.34, buying and selling largely sideways over the previous week.
Lookonchain additionally just lately noticed an Ethereum whale that staked practically $100 million price of ETH by way of a decentralized finance (DeFi) platform.
“A whale staked all 53,024 ETH ($95.5 million) by way of Abyss Finance…
Via on-chain knowledge monitoring, we discovered that the ETH of the whale was purchased from Poloniex, Gemini, Bittrex and different exchanges in 2017 and 2018, with a mean shopping for price of ~$368.”
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