On Monday, Lookonchain reported<\/a> three transactions carrying 3.76 million ARB worth $5 million at the time from the Binance exchange to known whale wallets. While these transactions were significant, they did not stop there.<\/p>\n The following day, July 18, the tracker spotted<\/a> another transaction carrying 4 million ARB. The source of the transaction was the same, with the coins which were worth $5 million at the time being moved from Binance to a private wallet.<\/p>\n The most recent whale accumulation happened<\/a> on Wednesday, July 19, with the largest ARB withdrawals of the bunch. This time around, a whale identified as \u201c0x6950\u201d withdrew 4.6 million ARB worth $5.84 million at the time of the transaction, from Binance.<\/p>\n Whale”0x6950″ withdrew 4.6M $ARB<\/a> ($5.84M) from #Binance<\/a> again just now.<\/p>\n The whale has withdrawn a total of 9M $ARB<\/a> ($11.4M) from #Binance<\/a> in the past 2 days.https:\/\/t.co\/E9GCmJ7ftc<\/a> pic.twitter.com\/FNI1gBbxrd<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) July 19, 2023<\/a><\/p><\/blockquote>\n All of these transactions point to a consistent accumulation trend among these large holders, which could suggest that they expect a price recovery to happen soon. Their withdrawals have also reduced the amount of selling pressure on the digital asset and this could also lend support to any rally from here on out.<\/p>\n Arbitrum has seen much success in the market and this contributes to the bullishness around its native ARB token. Arbitrum currently boasts the largest Total Value Locked (TVL) of all the Ethereum Layer 2 blockchains<\/a>, including Polygon and Optimism.<\/p>\n While Polygon and Optimism TVLs are sitting at $1.027 billion and $926 million, respectively, the TVL of the Arbitrum network is at $2.68 billion. This figure makes the L2 the fourth-largest by TVL across all blockchains<\/a>, coming up behind heavy hitters such as Ethereum, Tron, and BSC.<\/p>\n With Arbitrum controlling a significant portion of the L2 TVL, expectations are that its native token will also surge alongside it. Currently, ARB is trading at $1.29 with a 3.33% price gain in the last 24 hours. However, the price could easily surge toward $1.5 if whale accumulations continue and sell pressure continues to decline.<\/p>\n\n
Arbitrum Continues To Dominate Layer 2 Blockchains<\/h2>\n
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ARB price retests $1.3 resistance | Source: ARBUSD on Tradingview.com<\/a><\/pre>\n