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Arbitrum (ARB) soared 40% in a week; what are the factors behind it?
Gate News bot news, Lookonchain posted on X stating that the ARB price has experienced a big pump of 40% over the past week.
Why did it rise? What happened on-chain? Let's take a look at the following analysis:
There are speculations that Robinhood may collaborate with Arbitrum to establish a blockchain platform that allows European investors to trade US stocks, which has driven the rise of ARB.
According to DefiLlama's data, Arbitrum recorded 418,400 active addresses in the past 24 hours, a rise of 25% compared to the previous week.
A week ago, a multi-signature wallet possibly associated with Gelato Network transferred 20 million ARB (worth 5.39 million USD) to the market maker GSR.
Since then, GSR's ARB trading activity has significantly increased.
GSR's public wallet deposited 9.48 million ARB (worth 3.1 million USD) to CEX in the past week.
We also noticed that in the past two weeks, Anchorage Digital's custody wallet transferred 50.1 million ARB (15.3 million USD) to Wintermute's hot wallet.
In the past week, a wallet possibly related to Monetalis received 42.19 million ARB (12.88 million USD).
The wallet currently holds 77.12 million ARB (27.81 million USD), becoming the 13th largest holder of ARB.
On-chain data shows that since June 14, wallet 0xC4Db has deposited 63.27 million ARB (worth 19.8 million USD) to CEX.
The specific seller has not yet been confirmed, but the Arkham label indicates that the wallets involved may be related to Paradigm Capital, Teneo, or DeFiance Capital.
Meanwhile, a large number of on-chain transactions indicate that the chips of ARB may have changed.
Against the backdrop of price rise and liquidity improvement, investors may be taking this opportunity to sell ARB.