Wintermute Acquires $36M Worth of ARB Ahead of Major Token Unlock

Wintermute Trading, a cryptocurrency trading firm, has recently accumulated a significant amount of Arbitrum (ARB) tokens before a scheduled token unlock. Within eight hours, Wintermute gathered 17.08 million ARB tokens, equivalent to $36.3 million.

Wintermute plans to unlock 1.11 billion ARB tokens on March 16, 2024, valued at approximately $2.23 billion

Wintermute's action comes just days before the planned unlock of 1.11 billion ARB tokens, valued at around $2.23 billion, set for March 16, 2024. During this timeframe, Wintermute withdrew 19.19 million ARB tokens from exchanges like Binance and Coinbase while depositing 2.11 million ARB tokens into OKX and Gate.io.

Wintermute holds a total of 29.48 million ARB tokens

Currently, Wintermute holds a total of 29.48 million ARB tokens, valued at approximately $61.9 million. This strategic accumulation aligns with the impending ARB token unlock, suggesting a potential profit strategy amidst market volatility.

The current price of ARB is $2.06, with a decline of 3.20% over the past 24 hours

Arbitrum's token, ARB, is currently priced at $2.06, reflecting a 3.20% decrease in the last 24 hours. Despite this, the total market capitalization is $2.6 billion, with a notable 37.59% increase in trading volume over the past 24 hours, reaching $1,200,784,118.

Impact of Ethereum's Upgrade

Arbitrum, as an Ethereum layer-two scaling solution, witnessed reduced fees following Ethereum's Dencun upgrade, which went live on March 13. This upgrade led to fee reductions across various L2 networks, including Optimism, zkSync, and Coinbase’s Base.