Crypto whales accumulate Ethereum Scaling Altcoin by millions, according to on-chain data
On-chain data reveals that crypto whales are snapping up the initial resource of a hot Ethereum (ETH) layer-2 project by the millions.
Blockchain tracking firm Lookonchain says 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), of which 7.3 million ARB ($10.3 million) were transferred to OKX and Binance aand currently has 4.47 million ARB ($6.3 million).”
While Amber Group reduced its ARB holdings, Lookonchain says that several crypto whales have been accumulating ARB. According to the research firm, a whale collected a total of 4,048,947 ARB worth $5.7 million from OKX and Binance in 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 the time of writing, ARB is trading at $1.34, and has been trading mostly sideways for the past week.
Lookonchain also recently spotted an Ethereum whale who staked nearly $100 million in ETH through a decentralized finance (DeFi) platform.
“A whale staked a whopping 53,024 ETH ($95.5 million) through Abyss Finance…
Through on-chain data tracking, we found that the whale’s ETH was purchased from Poloniex, Gemini, Bittrex and other exchanges in 2017 and 2018, with an average purchase cost of ~$368.”
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