On-chain data reveals that crypto whales are hoarding the native asset of an Ethereum (ETH) layer 2 project by the millions.
Blockchain tracking firm Lookonchain says digital asset manager Amber Group has sent millions of dollars worth of Arbitrum (ARB) tokens to cryptocurrency 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 toand currently has 4.47 million ARB (6.3 million dollars)”.
While Amber Group reduced its ARB holdings, Lookonchain says that several crypto whales have been in the process of accumulating ARBs. According to the analysis firm, a whale picked up 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 ARBs worth $5.78 million of OKX during the same time period. Meanwhile, a third crypto whale accumulated 1,003,798 ARB worth $1.41 million from the Binance cryptocurrency exchange.
At the time of writing, ARB is trading at $1.34, trading mostly sideways over the past week.
Lookonchain also recently stained an Ethereum whale that bet nearly $100 million worth of ETH through a decentralized finance (DeFi) platform.
“A whale bet the 53,024 ETH ($95.5 million) through Abyss Finance…
Through on-chain data tracking, we discovered that the whale ETH was purchased on Poloniex, Gemini, Bittrex, and other exchanges in 2017 and 2018, with an average purchase cost of ~$368.”
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source: dailyhodl.com