Cryptocurrency enthusiasts are following the institutional investors’ abandonment of Bitcoin BTC and collecting altcoins. It means putting a certain altcoin on their radar. Now there is such an orientation. Let’s see the details.
It’s not bitcoin, it’s altcoin
On-chain analytics platform Lookonchain posted a tweet earlier today. The tweet shares new data on savings trends for Arbitrum (ARB). According to the post on the Bitcoin market, the data shows that institutions are actively accumulating altcoins.
It appears that institutions are accumulating $ARB.
We noticed that Offchain Labs has accumulated 7.22M $ARB ($7.18M) from #Binance through multiple addresses in the past 7 days.https://t.co/SS2Q70O7CB pic.twitter.com/aUxlyMcuVh
— Lookonchain (@lookonchain) June 18, 2023
Lookonchain points out that software company Offchain Labs in particular purchased 7.22 million ARBs from multiple addresses over the past week. The accumulated ARB is worth more than $7 million. The purchase was made through the Bitcoin exchange Binance.
Entering the new week with loss
There’s a reason investors choose ARB over Bitcoin. ARB is not included in the list announced by the SEC. Therefore, it is quite natural for them to want to invest in an unnamed token as a security. It should be noted that ARB entered the new week with a loss, despite the attention of institutional investors.
At the time of writing, the altcoin was worth around $1 after a slight 0.15% price drop the past day. As a result, the ARB in the Bitcoin market rose from the 24-hour low of $0.9847. It was also trading closer to its daily high of $1.01. ARB’s price drop means it’s still up 0.40% over the past seven days. Therefore, this situation could not drag the weekly performance of the cryptocurrency into the red.
Transaction volume
Meanwhile, ARB’s 24-hour trading volume has lost over 30% over the past day. cryptocoin.com When we look at it, it was around 128 million dollars. It reached an all-time high of $11.80 in March of this year. Since then, the price of ARB has dropped more than 90%, trading at the current $1 level. The drop is huge compared to Bitcoin.
The price of ARB broke above the 9-day EMA line earlier in today’s trading session. However, it has since come back to trade below the technical indicator. Accordingly, if the Altcoin’s price closes today’s daily trading session above the 9-day EMA line, it will attempt to turn the next key resistance level to support at $1.0488 in the next 24-48 hours. On the other hand, a one-day close below the 9-day EMA line today could cause the price of ARB in the Bitcoin market to drop to the next major support level at $0.8807 next week. However, given that the daily RSI line has been bullish above the daily RSI SMA line in the past 24 hours, the bullish thesis may come true. Bitcoin is also trading at $26,404 at the time of writing.
