Platforms like the on-chain analytics platform Lookonchain and Nansen posted a tweet today. He shared new data on the accumulation trends for Arbitrum (ARB) in a tweet he made earlier today. According to the post, the data shows that institutions are actively accumulating altcoins. One of these institutions is the software company Arbitrum developer Offchain Labs. Here are the details…
Altcoin developer collects coins
Lookonchain pointed out that software company Offchain Labs, in particular, purchased 7.22 million ARBs over multiple addresses over the past week. The accumulated ARB was worth more than $7 million and was purchased on Binance. It’s fair to say that investors may want to invest in smaller-cap altcoins that aren’t labeled as securities in the SEC’s recent lawsuits, such as the ARB. Meanwhile, CoinMarketCap stated that ARB is one of the many cryptocurrencies that entered the new week with losses despite attracting the attention of institutional investors.
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
Currently, the altcoin was worth around $1 after a slight 0.15 percent price drop the past day. As a result, the ARB was trading closer to its daily high of $1.01 rather than the 24-hour low of $0.9847. ARB’s price drop hasn’t been able to drag the coin’s weekly performance into the red either, as it’s still up 0.40 percent over the past seven days.
Meanwhile, ARB’s 24-hour trading volume has lost over 30 percent over the past day, hovering around $128 million at press time. Since hitting an all-time high of $11.80 in March of this year, the price of ARB has dropped more than 90 percent to start trading at the current $1 level.
Arbitrum transactions draw attention
On the other hand, last week cryptocoin.com As we have also reported, Andrew Kang’s ARB transactions attracted attention. Kang sold ARB and bought USDC. ARB’s price broke above the 9-day EMA line early in today’s trading session, but has since pulled back to trade below the technical indicator at press time. 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.
The developer’s purchase of ARBs from the market may indicate a bullish intent in the price. However, it should be noted that there is no certainty. It is unclear exactly why Offchain Labs made the purchase.
