According to Lookonchain, several large investors have recently sold their ARB positions at significant losses. The price of ARB, the native token of the Ethereum layer-2 scaling solution, has been experiencing a sharp decline, dropping more than 30% in the past month.
As reported by the blockchain analytics platform, seven whales have collectively sold millions of ARB coins, resulting in a total loss of over $8 million. One investor sold over $3.2 million worth of ARB, experiencing a negative return on investment (ROI) of 29%, while another lost over $2 million after selling $2.6 million worth of the asset, with their initial investment amounting to approximately $4.7 million.
ARB has been severely impacted by the recent downturn in the crypto market. Since its inception in March of this year, the token’s price has plummeted by 54%, currently trading at around $0.78 according to CoinGecko data. This decrease represents a significant decline from the all-time high (ATH) it achieved in April.
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