Another batch of whales holding Arbitrum moved their coins into exchanges following the release of a large number of vested tokens earlier in March. 

On March 23, blockchain data platform Lookonchain detected four more wallets moving ARB tokens into exchanges after the $2.32 billion vested token unlock on March 16.

The whales transferred 11.34 million ARB tokens onto Binance in four different transactions. These assets are worth $18.5 million at the time of transfer.

Source: Lookonchain

Crypto community members’ opinions were split on the recent fund movements in Arbitrum. An X user thought that this was not a “bearish sign,” while another believes that at this point, ARB will not “go up.”

The event follows another batch of transfers last week when 11 whales deposited ARB into exchanges. On March 18, Lookonchain flagged that whales transferred $58 million worth of ARB tokens into exchanges.

The transfers happened after the layer-2 blockchain project Arbitrum released $2.3 billion worth of tokens after the vesting period. The project allocated 673.5 million ARB for its advisers and team members, while 438.25 million ARB tokens were for the investors.

The project released the tokens in a cliff unlock, where tokens were released at once. This sparked predictions that there would be a massive dump, while some hoped this would not happen.

Related: Arbitrum launches Gaming Catalyst Program to spur Web3 gaming growth

Weeks after the token unlock, ARB prices went on a downward trend. On March 13, the ARB token recorded a high of $2.22. However, prices dropped to $1.84 on March 16, when the tokens were unlocked.

In the past seven days, the token dropped to as low as $1.48 on March 19 but hit a high of $1.79 on March 21. At the time of writing, the token is hovering at $1.70.

According to coin data tracker CoinGecko, ARB’s current price point is almost 29% lower compared to its new all-time high of $2.39 on Jan. 12.

Arbitrum token’ 7-day price chart. Source: CoinGecko

While the token vesting unlock seemed to already have an effect on the prices, this may not be the end of the downward price trend.

Crypto vesting tracker Token Unlocks shows that Arbitrum is scheduled to release 92.65 million more ARB tokens for its advisers, team and investors on April 16.

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