ARB Token Drops 5.44% as Major Holders Move 16.75M Coins Amid Bearish Market Trends

ARBUSDT experienced a 5.44% price decline over the past 24 hours, with the current price at 0.3250 USDT, down from a 24-hour open of 0.3437 USDT according to Binance. The price decrease is attributed to large transfers of 16.75 million ARB by Paradigm Capital and early investors to major exchanges, which likely increased selling pressure. Additionally, despite positive developments such as Robinhood launching tokenized U.S. stock and ETF trading for EU users on Arbitrum and announcing plans for a dedicated Layer-2 blockchain, overall market sentiment remains bearish, with ARB trading below key moving averages and exhibiting low trading volume. The current market capitalization is approximately $1.69 billion, with a circulating supply of around 4.96 billion ARB tokens, and trading volume ranging from $206 million to $973 million in the past 24 hours.