ARB prices continued to rebound this week, with large on-chain transfers becoming a market focus. Data shows that a venture capital-related wallet recently withdrew 15.56 million ARB from Coinbase, worth approximately $1.37 million according to the article's estimates. Meanwhile, ARB rose over 4%, once again approaching its months-long downward trendline.
Whale holdings increased to 108 million coins.
According to blockchain data platform Arkham, after this transfer, the wallet's ARB holdings increased to 107.57 million, worth approximately $9.5 million according to the article. Large-scale token transfers from exchanges typically mean that assets are being transferred to long-term holding addresses, rather than remaining on the trading platform awaiting sale.
This is one of the reasons why the market is paying attention to this transfer. ARB had previously experienced a prolonged decline, and now, with the price approaching a key resistance level, a large withdrawal has intensified some funds' focus on the subsequent trend.
Prices are approaching multi-month resistance levels.
Looking at the trend, ARB had been trading within a downward channel for an extended period, but has recently shown signs of recovery. It is currently testing the upper edge of the channel and a downward trend line that has lasted for several months. The article mentions that recent trading volume has improved, indicating increased buying interest.
If prices can effectively hold above this area, market expectations for a short-term structural improvement may further intensify. The article mentions that $0.10 is a key psychological level currently being closely watched.
- A whale made a single offer of 15.56 million ARB tokens.
- The corresponding value mentioned in the text: approximately US$1.37 million.
- Total holdings after withdrawal: 107.57 million ARB tokens
The market is focused on whether the rebound can continue.
According to the original text, if the ARB index rises above $0.10, the next resistance level to watch may shift to $0.14 to $0.18. If it fails to break through the current trendline, the price may retest the $0.085 to $0.088 range.
However, a single whale trade is not enough to determine whether a trend has reversed. Two more important factors remain: whether the outflow from exchanges continues, and whether the price can hold above the key resistance level. For Arbitrum, this level is becoming the focus of short-term directional judgment.
