The cryptocurrency market continues its downward spiral, with altcoins bearing the brunt of the decline. On-chain data reveals significant Arbitrum (ARB) sales by two prominent market makers, Wintermute and GSR, adding to the bearish sentiment.
Wintermute deposited 1.16 million ARB tokens, valued at approximately $2.10 million, onto the Binance exchange a few hours ago. Shortly after, GSR followed suit, transferring 4.71 million ARB, worth around $2.57 million, to the same exchange.
These substantial moves come as the total cryptocurrency market capitalization has plummeted by 2.29% in the last day, reaching $2.27 trillion. The altcoin sector has been particularly hard hit, with Aerodrome Finance (AERO), Worldcoin (WLD), and Floki Inu (FLOKI) suffering the steepest losses among the top 100 cryptocurrencies.
Despite the widespread downturn, a few tokens managed to stay afloat. Goatseus Maximus (GOAT), Safe (SAFE), and ApeCoin (APE) defied the trend, remaining in the green zone throughout the week.
Following the transfers, Wintermute’s ARB holdings are estimated at $1.68 million, while GSR retains approximately $3.03 million worth of ARB.
