On-chain data tells us that crypto whales are currently fixated on Arbitrum (ARB), a so-called layer-2 project for Ethereum. Lookonchain says asset manager Amber Group sent millions of dollars worth of Arbitrum to OKX and Binance, where they could potentially be sold to the market. Amber may sell at the moment, but the same does not apply to the whales.
Buy whales
While Amber Group sends its ARB tokens to the exchanges, according to Loononchain it is the whales that are currently buying. According to the analysis company, one whale already bought a total of more than 4 million ARB tokens for $ 5.7 million via OKX and Binance in the last 48 hours.
In that respect, these whales seem to be benefiting from Amber Group’s choice to put their tokens up for sale. A second whale received approximately 4.1 million ARB tokens for $5.78 million from OKX in the same time period.
Meanwhile, a third whale also decided to strike and buy 1 million ARB tokens for $1.41 million on Binance. At the time of writing, Arbitrum is trading for $1.28 each and the project has a market cap of $1.64 billion.
$100 million worth of Ether
Lookonchain also recently spotted an Ethereum whale in the crypto sea that staked 100 million in Ethers via a DeFi platform. It concerns Abyss Finance, where he or she put 53,024 Ethers in the staking contract.
Those Ethers carry a value of about $95 million. By following the on-chain data, Loononchain found out that the whale in question bought the Ethers in 2017 and 2018 for an average purchase price of $368.
The whale bought the Ethers from Poloniex, Gemini, Bittrex and other exchanges that were popular at the time. Now it is mainly Binance that strikes the clock in the crypto industry, but that has sometimes been different.
What you may not know is that Binance only launched in 2017. In the end, it didn’t take long (January 2018) before it was at the top of the market in terms of trading volume. In that respect, the Changpeng Zhao stock market has really started explosively.