Arbitrum Sale On Binance: How This Investment Firm Lost $465,000 In An ARB Trade
12 Octubre 2023 - 4:30PM
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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