Crypto whales deposited about $58 million worth of the Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) into crypto exchanges after the project had a massive token unlock over the weekend, according to the blockchain tracker Lookonchain.
Lookonchain notes that 11 whales deposited 34 million ARB into exchanges after the unlock.
Arbitrum unlocked 1.11 billion ARB tokens on March 16th, according to the crypto tracker TokenUnlocks. That total represents nearly 42% of the asset’s circulating supply.
Blockchain tracking firm Lookonchain notes that 673.5 million ARB worth $1.37 billion was unlocked for the Arbitrum team, future team and advisors, and 438.25 million ARB worth over $894 million was unlocked for investors.
ARB is trading at $1.56 at time of writing. The 32nd-ranked crypto asset by market cap is down nearly 7.5% in the past 24 hours and 25% in the past week. The scaling solution is also down nearly 10% since the start of the year.
Arbitrum currently ranks fifth among all chains in terms of total value locked (TVL), behind Ethereum, Tron (TRX), Binance Smart Chain (BSC) and Solana (SOL), according to the decentralized finance (DeFi) tracker DeFi Llama. The project currently registers $3.276 billion in TVL.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
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