#arbirtum posted an impressive 7.5% gain on Friday, following a generally positive outlook across the crypto market. However, despite the recent gain, metrics shows addresses holding 55% of ARB's circulating supply are out of the money. This may be because of the 1.1 billion ARB — 41% of its current circulating supply — token unlock on March 16. The unlock largely affected ARB's price growth, correlating with a steep decline that saw ARB drop 103% within two months from $1.83 to $0.93 on May 15.
While prices have slightly recovered to $1.03, these metrics show $ARB is still in the buy zone for investors looking to open a position. But investors should exercise caution, considering whales hold about 45% of the token's total supply.
There has also been equal activity from bulls and bears in the past seven days, with 146 bulls and 146 bears indicating uncertainty. Still, recent price movement tilts toward the direction of bulls, indicating signs of a potential rally.
