The massive unlock in Ethereum-based layer 2 (L2) project Arbitrum has prompted whales to take action.
After the unlock of approximately 2.5 billion dollars on March 16th, whales got to work. According to data provided by the on-chain analysis platform Lookonchain, 11 different whales moved 34 million ARB worth 58 million dollars to exchanges.
The long-awaited unlock by whales was interpreted as preparing for profit-taking transfer. The largest of the 11 wallets that made the transfer was the whale wallet named “0x1f66.” This wallet alone carried 7.4 million ARB worth 12 million dollars to the exchange, drawing attention.
According to CoinGecko data, ARB, which lost around 16% of its value in the last 3 days due to selling pressure, fell from $1.95 to $1.63.
