A couple of crypto whales unloaded millions of Arbitrum (ARB) after the popular Ethereum (ETH) scaling solution witnessed significant gains this week.
Blockchain tracker Lookonchain notes that the largest buyer of Arbitrum on its first day of listing back in March transferred a large stack of nearly 10,000 ARB, worth about $17 million, to top crypto exchange Binance a few days ago.
A separate ARB whale also transferred its entire Arbitrum bag, worth $18 million, to Binance on Friday, according to Lookonchain.
“The whale with 11 million ARB ($18 million) transferred all ARB to Binance…
The buying cost was $13.55 million and the average buying price was ~$1.24.
If he sells at $1.64, he will make a profit of $4.54 million, an ROI (return on investment) of 33%.”
The 33rd-ranked crypto asset by market cap rallied from a seven-day low of $1.16 to a high of $1.71, marking gains of over 47%. ARB has slightly given up some of its gains and is trading for $1.63 at time of writing.
Arbitrum currently ranks fourth among all chains in terms of total value locked (TVL) with $2.27 billion, behind Ethereum, Tron (TRX) and BNB Smart Chain, according to the decentralized finance tracker DeFi Llama.
The TVL of a blockchain represents the total capital held within its smart contracts. The metric is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
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
Credit: Source link
