According to on-chain crypto data, two market-making firms conducted a notable sell-off of an altcoin within the past day.
The data shows that Wintermute sent 2.10 million Arbitrum (ARB) tokens, worth $1.16 million, to the Binance cryptocurrency exchange a few hours ago.
Following Wintermute, another crypto market maker, GSR, transferred 4.71 million ARB tokens, valued at $2.57 million, to Binance as well.
Wintermute now holds approximately $1.68 million in ARB, while GSR has a total of $3.03 million in ARB.
After these transfers, the ARB price dropped around 6%.
The crypto market continues to bleed, particularly on the altcoin side. In the past day, the total cryptocurrency market value fell by 2.29%, settling at $2.27 trillion. Meanwhile, the biggest losses among the top 100 cryptocurrencies came from Aerodrome Finance (AERO), Worldcoin (WLD), and Floki Inu (FLOKI).
The few cryptocurrencies that remained in the green during this red week include Goatseus Maximus (GOAT), Safe (SAFE), and ApeCoin (APE).