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In a series of tweets, cryptocurrency analytics platform Lookonchain has brought attention to a major player in the Arbitrum (ARB) market, a mysterious whale that seems to be making substantial moves, leaving the community speculating on the motives behind the transactions. The latest tweet from Lookonchain, posted just moments ago, reveals that this colossal whale is currently offloading a considerable amount of ARB at a loss.
Massive ARB Deposits and Withdrawals
Note that a giant whale is selling $ARB at a loss!
— Lookonchain (@lookonchain) November 17, 2023
Another address of this whale also started depositing $ARB to #Binance and has deposited 839,899 $ARB($906K) to #Binance so far.
Address: https://t.co/q1281L2Lujhttps://t.co/0gr2CaOtcU pic.twitter.com/lbl6IXAhDy
According to the tweet, the whale recently deposited a staggering 839,899 ARB, equivalent to approximately $906,000, into Binance. The same address, associated with the whale, had withdrawn a massive 17.62 million ARB, worth $20.97 million, from both Binance and Gate.io on April 4 and 5 when the token was valued at $1.19.
Intriguingly, the whale subsequently deposited 8.44 million ARB, equivalent to $6.9 million, into Binance at a lower price of $0.82 between September 10 and September 14. As of now, the whale still holds 8.34 million ARB, valued at $9 million, resulting in an overall loss of approximately $4.14 million on ARB.
We noticed that a whale has deposited all 4.93M $ARB($5.33M) to #Binance in the past 15 hours.
— Lookonchain (@lookonchain) November 17, 2023
The whale withdrew 4.93M $ARB ($6.79M) from #Binance on April 26&27, when the price was ~$1.38.
The whale would lose ~$1.46M if sold.https://t.co/fMfTRDcnYp pic.twitter.com/rllWnQ0twg
An earlier tweet from Lookonchain, just an hour before the latest revelation, reported that the same whale deposited a substantial 4.93 million ARB, valued at $5.33 million, into Binance within the past 15 hours. This follows a withdrawal of 4.93 million ARB, equivalent to $6.79 million, from Binance on April 26 and 27 when the price stood at approximately $1.38. If the whale decides to sell at the current market price of $1.09, the potential loss would amount to around $1.46 million.
Cryptocurrency enthusiasts and analysts are closely monitoring these events, attempting to decipher the motivations and strategies of this large player in the ARB market. The substantial losses incurred by the whale have sparked discussions about potential market manipulation or strategic moves that could influence the broader cryptocurrency landscape. As the situation continues to unfold, the crypto community remains on high alert for further developments and insights into the actions of this mysterious ARB whale.