Rollbit, Arbitrum, The Graph lead losses, Bitcoin dips below $25,000: Markets

On Sep 11, 2023

Rollbit, Arbitrum, and The Graph bear the brunt of crypto market fluctuations as Bitcoin falls below $25k for the first time since June.

Cryptocurrency markets have seen a slight wave of volatility, as the overall market is down by 2.8% in the past 24 hours. Among the top losers were Rollbit Coin (RLB), Arbitrum (ARB), and The Graph (GRT).

Rollbit Coin (RLB) nosedived 18.5% within a day, currently trading at $0.1293 at the time of writing. Arbitrum is also down by 10% over the same time frame.

Indexing token The Graph (GRT) experienced a 7% decline. At the same time, the NFT-based token ApeCoin (APE) dropped by over 6.5%. A previous report revealed that 96% of APE holders are currently operating at a loss, encompassing over 130,000 addresses.

Arbitrum whales are selling at a loss

According to data from Arbiscan, three large transfers to Binance involving over 10.23 million ARB, valued at approximately $8 million, took place today.

Today, 3 whales transferred 10.23 million ARB (valued at US$8 million) to Binance, including 0xe972 transferred 3.8 million ARB to Binance and sold it at $0.77 for 1,812 ETH. It still holds 13.78 million ARB; vladilena2.eth transferred 3.63 million ARB to Binance, the price was…
— Wu Blockchain (@WuBlockchain) September 11, 2023

Data from Lookonchain revealed that one specific whale had previously purchased 3.64 million ARB for 2,000 ETH ($3.27 million) at an average price of $0.9 since Sept. 3. Today, the same investor deposited all of these ARB assets to Binance, incurring a loss of approximately $300,000. These movements suggest that whales might be losing confidence in the token.

Sidebar: Bitcoin’s brief dip below $25,000

Amid these notable movements in the altcoin sphere, Bitcoin (BTC) — the leading cryptocurrency — also experienced a momentary setback. For the first time in three months, its price briefly fell below the $25,000 mark.

While it did not experience the drastic drops seen by the aforementioned altcoins, this temporary slide serves as another reminder of the market’s current condition.

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