According to CryptoPotato, Lookonchain analysis reveals that several large investors have sold their ARB positions at significant losses within the past 30 hours. The native token of the layer-2 scaling solution for the Ethereum blockchain has experienced a sharp decline, dropping by over 30% in the last month.

Blockchain analytics platform Lookonchain disclosed that seven whales have chosen to sell millions of ARB coins, resulting in a total loss of over $8 million. One investor sold more than $3.2 million in ARB, having initially purchased the stash for approximately $4.6 million, resulting in a -29% return on investment (ROI). Another investor lost over $2 million after selling $2.6 million worth of the asset, with their initial investment standing at around $4.7 million.

ARB has been one of the most impacted digital currencies in the recent crypto market downturn. The token, which was launched in March this year, currently trades at about $0.78, representing a 54% decrease from its all-time high reached in April.