Arbitrum Whales Transfer $58M to Exchanges After Token Unlock

Following the unlocking of 1.1 billion ARB tokens worth $2.32 billion by Arbitrum on March 16, whales holding ARB tokens have begun transferring their digital assets to crypto exchanges, with at least 11 whales collectively depositing 34 million tokens valued at nearly $58 million as reported by blockchain analysis firm Look on chain on March 18. This move follows the project's "Cliff Unlock," where all tokens were released at once, raising concerns that holders might take short positions against the token. Despite hopes within the community for the token's price to remain stable or even rise following the unlock, ARB's price experienced a drop in the week leading up to the event, declining from a high of $2.22 on March 13 to $1.64 on March 17. Currently hovering around $1.70, approximately 29% below its all-time high of $2.39, ARB faces additional pressure as Token Unlocks indicates the release of another 92.65 million tokens on April 16, valued at around $157 million at current market prices, further impacting the token's price trajectory.