- \n
- Seven ARB whales have sold over 20 million tokens exceeding $16 million.<\/span><\/em><\/li>\n
- ARB has plunged into the oversold zone and has remained there despite a 1% rise in price.<\/span><\/em><\/li>\n<\/ul>\n
Arbitrum\u2019s [ARB]<\/a> recent price performance has been unfavorable over the past few days. In addition to the declining prices, there has been a notable negative shift in whale activity, with a significant sell-off occurring within the last 30 hours.<\/span><\/p>\n
\nRead Arbitrum (ARB) Price Prediction<\/a> 2023-2024<\/p>\n
\nArbitrum whales sell-off at a loss<\/b><\/h4>\n
According to an 11 September post by Lookonchain<\/a>, an Arbitrum<\/a> whale with a substantial long position in Aave decided to withdraw their holdings and transfer them to Binance. The data indicated that this whale withdrew 5 million ARB tokens, equivalent to approximately $3.85 million, within 5 hours. <\/span><\/p>\n
Subsequently, the same whale deposited 3.85 million ARB tokens, valued at nearly $3 million, onto Binance. Notably, the data also revealed that this whale still possessed approximately 8 million ARB tokens valued at over $6 million.<\/span><\/p>\n
In addition to this individual\u2019s actions, Lookonchain\u2019s<\/a> post highlighted that in the preceding 30 hours, seven different whales have executed ARB token sell-offs, incurring losses. These collective whales offloaded 20.41 million ARB tokens, with a combined value exceeding $16 million. <\/span><\/p>\n
Consequently, these ARB whales collectively realized losses exceeding $8 million, representing a substantial decline of approximately 34%.<\/span><\/p>\n
\n
In the past 30 hours, 7 whales dumped $ARB<\/a> at a loss!<\/p>\n
They dumped a total of 20.41M $ARB<\/a> ($16.05M), with a loss of $8.15M(-33.67%). pic.twitter.com\/o7RDAYkqEv<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) September 12, 2023<\/a><\/p>\n<\/blockquote>\n
ARB goes deep into the oversold zone<\/b><\/h4>\n
The recent price trend of Arbitrum<\/a> has been negative, as evidenced by its daily timeframe chart. The chart clearly illustrated that ARB has been on a downward trajectory for the past four days, with a significant drop occurring on 11 September. <\/span><\/p>\n
ARB<\/a> experienced a substantial decline of 9.7% on that day by the close of trading. This downturn marked the most significant drop the token has seen in over two months, as evident from the chart.<\/span><\/p>\n
![\"ARB\/USDT](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ARBUSDT_2023-09-12_09-02-43.png\")
<\/a><\/p>\nSource: Trading View<\/p>\n<\/div>\n
As a result of this sharp decline, the Relative Strength Index (RSI) line plummeted into the oversold zone. However, as of this writing, ARB had regained a modest 1% increase in value, trading at approximately $0.7.<\/span><\/p>\n
Nonetheless, this slight uptick in price was insufficient to pull it out of the oversold zone it currently finds itself in.<\/span><\/p>\n
Arbitrum long positions see significant liquidations<\/b><\/h4>\n
Data from Coinglass<\/a> revealed that the recent price decline in Arbitrum<\/a> has led to a notable dominance of long-position liquidations. The liquidation chart displayed that on 11 September, the volume of long liquidations reached its second-highest point in over three months. <\/span><\/p>\n
The liquidations totaled $2.27 million, in contrast to the short position liquidations, which were approximately $98,000.\u00a0<\/span><\/p>\n
![\"Arbitrum](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Arbitrum](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Arbitrum-liquidation-chart.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
Furthermore, the liquidation chart illustrated that long positions have experienced more liquidations in the past two months. However, it\u2019s worth noting that as of this writing, short-position liquidations have taken the lead.<\/span><\/p>\n
\nIs your portfolio green? Check out the Arbitrum Profit Calculator<\/a><\/p>\n
\nDespite the prevalence of long liquidations in recent months, a positive funding rate has persisted. According to the observed funding rate chart, Arbitrum\u2019s funding rate<\/a> has remained positive despite its price decline. <\/span><\/p>\n
- ARB has plunged into the oversold zone and has remained there despite a 1% rise in price.<\/span><\/em><\/li>\n<\/ul>\n