After an unsuccessful attempt to break above $1.25, the price of the Arbitrum (ARB) token has retraced to around $1.
The actions of well-known crypto whales are primarily to blame for the recent price struggles of ARB, as on-chain analysis illuminates the dynamics of the market.
ARB has had difficulties over the last week, and the fact that major crypto whales were involved in a selling frenzy has increased the unpredictability of its future price movements.
The Arbitrum price’s rejection of the $1.20 region was accompanied by a discernible change in attitude among major investors in the Arbitrum ecosystem.
A substantial crypto whale was found by the on-chain analytics platform Lookonchain, which was involved in a major sell-off of millions of ARB tokens.
Lookonchain’s results, which were tweeted on November 20, indicate that the whale first removed 22.55 million ARB tokens from Gateio and Binance back in April.
The whale carried out a sell-off as ARB prices fluctuated over the course of the previous week, losing $6 million from November 16 to November 20.
It is generally regarded as a bearish signal when cryptocurrency whales dump tokens onto the market, particularly when there is a price correction.
Crypto whales are frequently perceived as experienced traders who have a thorough awareness of market trends. Because of this, when these big players begin to sell, it can make regular investors nervous and cause a rise in bearish positions.