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Investors bet big on this Ethereum scaling altcoin – Is this the investment opportunity of your lifetime? Report

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Tobias Arhelger 2 Ethereum 1000x600 1
04
Apr

Source: Tobias Arhelger – Shutterstock

  • While Amber Group reduced its ARB holdings, three different Ethereum whales were identified accumulating more of them.
  • However, Arbitrum Foundation has been accused of acting against the will of the community despite a public vote against ARB spending.

The Ethereum (ETH) ecosystem is preparing for a major network update dubbed Shanghai Upgrade, which is scheduled for April 12. Despite the mixed sentiments on the effect of the Shanghai Upgrade on the Ethereum price action, the digital asset has gained about 50 percent YTD to trade around $1,800 on Monday. About 17.9 million Ethereum (ETH) will be available for withdrawals after the Shanghai upgrade.

As a result, some analysts believe the overall effect could be increased selling pressure. On the other hand, other crypto analysts believe the Shanghai upgrade has a bullish outlook on the Ethereum market as confidence rises in the protocol. Moreover, Ethereum stakers will have the freedom over their digital assets after the event.

Ethereum Whales on the Hunt

Despite the increased regulatory scrutiny in the United States, whereby the Securities and Exchange Commission has claimed all digital assets apart from Bitcoin are unregistered securities, on-chain data shows Ethereum whales have been on the hunt for high-potential Layer 2 (L2) gems. Moreover, Ethereum (ETH) is considered a large-cap altcoin that has been experiencing diminishing returns like Bitcoin. 

According to an on-chain analysis by market intelligence platform Lookonchain, Ethereum whales have intensified their activities on Arbitrum (ARB) tokens since the project launch. Ranked 39th by market capitalization, Arbitrum (ARB) has been leading in trending crypto projects on both Coingecko and Binance’s-backed Coinmarketcap.

Lookonchain identified Ethereum addresses associated with digital asset manager Amber Group. Notably, while Amber Group reduced its ARB holdings, three different Ethereum whales were identified as accumulating more of them.

Interestingly, the largest $ARB investor has not made any transfer or attempted to sell according to onchain data.

The on-chain analytics platform noted that Amber Group sent about $10.3 million worth of $ARB to Binance and OKX centralized exchanges. As a result, the digital asset fund manager currently holds approximately 4.47 million ARB tokens.

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Notably, there are 1,275,000,000 ARB tokens in circulating supply out of 10 billion in total supply. With a market capitalization of around $1.5 billion, Arbitrum (ARB) has a reported 24-hour traded volume of about $989 million. 

Among the largest recent $ARB purchases include several trades from Binance and Okex exchanges.

Side Notes

Trading around $1.19 on Monday, down approximately 5.9 per cent in the past 24 hours, ARB has more upside in future bull markets. Moreover, Arbitrum has managed to attract large global communities and has utility value as a layer 2 scaling solution. Nevertheless, the Arbitrum Foundation has been accused of ignoring the will of the community in a recent proposal (AIP-1). Reportedly, the Arbitrum Foundation has spent part of 750 million ARB tokens despite the community voting against the move.

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