Bullish signal: Whales accumulate huge amounts of ARBs

Through the bear market, Arbitrum (ARB) has been one of the coins that has managed to maintain a significant amount of its all-time high value. Along the same lines, the digital asset is one of the few tokens that is currently showing a green bullish flag, and has resulted in increased accumulation.

Increase in ARB whale accumulation

Transactions on the Arbitrum blockchain on Thursday, July 20 point to massive accumulation among large investors. These transactions were flagged by on-chain data tracker LookOnChain, which lasted until July 17 when the accumulation trend began.

On Monday, Lukonchan informed of Three transactions containing 3.76 million ARB worth $5 million at the time in a whale wallet known to the Binance exchange. Although these transactions were important, they did not stop there.

The next day, July 18, Tracker speckled Another transaction with 4 million ARB. The source of the transaction was the same, with coins worth $5 million at the time being moved from Binance to a private wallet.

most recent whale accumulation happened With the group’s largest ARB withdrawal on Wednesday, July 19. This time, a whale identified as “0x6950” pulled out 4.6 million ARBs worth $5.84 million from Binance at the time of the transaction.

Whale”0x6950″ Withdraws 4.6M $arb ($5.84 million) from #binance just again.

Whales have withdrawn a total of 9M $arb ($11.4 million) from #binance in the last 2 days. pic.twitter.com/FNI1gBbxrd

—lookonchain (@lookonchain) 19 July 2023

All of these trades point to a continuing accumulation trend among these large holders, which could suggest that they expect a price correction soon. Their withdrawal has also eased the selling pressure on the digital asset and could provide support for any further rally.

Arbitrum continues to dominate the Layer 2 blockchain

Arbitrum has seen great success in the market and this contributes to the bullishness around its native ARB token. Arbitrum currently Claims to have the largest Total Value Locked (TVL) of all Ethereum Layer 2 blockchainsIncluding polygons and optimism.

While Polygon and Optimism TVL sit at $1.027 billion and $926 million respectively, Arbitrum Network’s TVL is $2.68 billion. This figure makes up L2 Fourth largest by TVL among all blockchainsEthereum is coming in behind heavy hitters like Tron and BSC.

With Arbitrum controlling a significant portion of L2 TVL, the expectation is that its native token will grow along with it. Currently, ARB is trading at $1.29 with a 3.33% price increase in the last 24 hours. However, if the whales continue to accumulate and the selling pressure continues to decline, the price could easily rise to $1.5.

ARB price retests $1.3 resistance | Source: ARBUSD on Tradingview.com