SNEAK PEEK
Whale transferred $3.37M in ARB and $39M in ETH to Binance.
ARB dropped 9%, and ETH dropped 2% after the transfer.
The whale withdrew $15.9M USDT, adding to the mystery.
The cryptocurrency market recently witnessed a significant drop in the prices of ARB and ETH, leaving investors wondering about its possible reasons. As per the recent tweet by Lookonchain, a whale transferred 2.77 million ARB worth $3.37 million and 21,000 ETH worth $39 million to Binance around 9 hours ago.
Who dropped the price of $ARB and $ETH?
A whale transferred 2.77M $ARB ($3.37M) and 21K $ETH ($39M) to #Binance 9 hrs ago.
After that, the price of $ARB plummeted ~9%, and the price of $ETH dropped ~2%.
Then he withdrew 15.9M $USDT from #Binance 40 mins ago. pic.twitter.com/HwW9SUiupc
— Lookonchain (@lookonchain) May 9, 2023
Since then, the prices of $ARB and $ETH have experienced a significant decline, with $ARB dropping by about 9% and $ETH dropping by around 2%. Interestingly, the whale withdrew 15.9 million USDT from Binance just 40 minutes later, adding further mystery to the situation.
Based on Coinmarketcap reports, the ARB token commenced trading at $1.163, reaching its lowest point of the day at $1.060. Nevertheless, the token has since been on an upward trend, attempting to recover its position at the top of the market. At the moment, the price of the ARB coin stands at $1.1003.
ARB/USD 1-Day chart (Source: Coinmarketcap )
On the other hand, the value of the ETH token faced a notable decline during the day, dropping from its peak of $1,874 to a low of $1,818.63. Despite this, the token attempted to regain its position and climbed back above its entry point for the day at $1,852.
ETH/USD 1-Day chart (Source: Coinmarketcap)
However, it experienced another drop but is currently still striving to recover. As of writing, the value of ETH stands at $1,842.05.
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