Arbitrum Sale On Binance: How This Investment Firm Lost $465,000 In An ARB Trade

Name	Symbol	Market	Market Cap ($)	Algorithm
GMX	GMXUSD	Crypto	280,892,002	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

GMX

GMXUSD

Crypto

280,892,002

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.240	-0.82%	28.90	29.09	29.14

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.240

-0.82%

28.90

29.09

29.14

High Price	Low Price	Open Price	Prev. Close	52 Week Range
29.19	28.90	29.14	29.14	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

29.19

28.90

29.14

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	01:11:54	1.04	28.90	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

01:11:54

1.04

28.90

USD

Price x Volume	Volume	Base Symbol	Related Pairs
51.54	1.78	GMX	GMXEUR	GMXGBP	GMXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

51.54

1.78

Arbitrum Sale On Binance: How This Investment Firm Lost $465,000 In An ARB Trade

12/10/2023 10:30pm

NEWSBTC

Recent transactions by Arca, a prominent investment firm, involving Arbitrum native token ARB, have again put them under the spotlight. According to on-chain tracking platform Lookonchain, the firm has suffered a substantial loss nearing half a million recently. Arca’s Arbitrum Shipment to Binance Lookonchain reported earlier today that Arca transferred roughly 1.49 million ARB tokens to Binance. With a value of around $1.21 million, this transaction indicates a possible liquidation of Arca’s holdings in Arbitrum (ARB). Related Reading: Arbitrum: What’s In Store For ARB Token After Unlock? If this were the case, according to Lookonchain, it would translate into a significant loss of $465,000 for the investment firm. Notably, as significant as it seems, the ARB token transaction isn’t an isolated case of Arca’s investments not panning out as anticipated. Loononchain noted: “Arca’s investment this year appears to be terrible.” An analytical dive into the firm’s past decisions has shown similar patterns. For instance, Arca’s foray into GMX and DYDX left them with losses of $231,000 and $304,000, respectively. Their stakes in DPX and SYN further compounded their negative streak, resulting in losses of $142,000 and $107,000. Arca (@arca) deposited 1.49M $ARB ($1.21M) to #Binance at a price of $0.815 5 hours ago and is expected to lose $465K. Arca’s investment this year appears to be terrible. Lost $213K on $GMX, $304K on $DYDX, $142K on $DPX, $107K on $SYN; Only made a profit of $294K on $RDNT. pic.twitter.com/qPSuZc4MSA — Lookonchain (@lookonchain) October 12, 2023 Silver Linings Amid Investment Storms However, it’s crucial to note that not all is gloomy for Arca. Investment is as much about strategy as it is about timing, and while the firm has faced setbacks, they’ve also had its share of victories. An example is their investment in RDNT, which proved profitable, netting them a profit of $294,000, according to the on-chain tracking platform. Furthermore, Arca is not alone in its recent losses with Arbitrum. The ARB token has seen a decline of nearly 10% over the past week and 1.2% in just the last day, ensnaring numerous traders in its bearish trajectory. Data from Coinglass indicates that Arbitrum has witnessed total liquidations amounting to approximately $376,160 in the past 24 hours alone. A significant portion of these liquidations were long positions, valued at $282,120, compared to short positions at a mere $93,840. This data suggests that many traders were optimistic about ARB’s potential to follow a bullish trend. However, starkly contrasting their expectations, they faced significant losses. Related Reading: Arbitrum Price Sinks To A New All-Time Low – What Is Behind This Decline? When writing, the ARB token is trading at $0.72, marking a significant drop of roughly 90% from its all-time high of $8.67 recorded just seven months ago in March. Featured image from iStock, Chart from TradingView

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