Crypto Whales Accumulating Ethereum Scaling Altcoin by the Millions, According to On-Chain Data

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knife

On-chain data reveals that crypto whales are snapping up the native asset of a hot Ethereum (ETH) layer-2 project by the millions.

Blockchain-tracking firm Lookonchain says that digital asset manager Amber Group sent millions of dollars worth of Arbitrum (ARB) tokens to crypto exchanges OKX and Binance, where they could potentially be sold on the open market.

“Two related 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 currently holding 4.47 million ARB ($6.3 million).”

Image
Source: Lookonchain/Twitter

While Amber Group reduced its ARB holdings, Lookonchain says several crypto whales have been in the process of accumulating ARB. According to the analytics firm, one whale collected a total of 4,048,947 ARB worth $5.7 million from OKX and Binance within the last 48 hours.

A second whale received 4,099,517 ARB worth $5.78 million from OKX over the same timeframe. Meanwhile, a third crypto whale accumulated 1,003,798 ARB worth $1.41 million from crypto exchange Binance.

At time of writing, ARB is trading for $1.34, trading mostly sideways over the past week.

Lookonchain also recently spotted an Ethereum whale that staked nearly $100 million worth of ETH through a decentralized finance (DeFi) platform.

“A whale staked all 53,024 ETH ($95.5 million) through Abyss Finance…

Through on-chain data tracking, we found that the ETH of the whale was bought from Poloniex, Gemini, Bittrex and other exchanges in 2017 and 2018, with an average buying cost of ~$368.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Crypto Whales Accumulating Ethereum Scaling Altcoin by the Millions, According to On-Chain Data appeared first on The Daily Hodl.

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