Early investors like $Paradigm transferred 16.75 million ARB to CEX (approximately $5.85 million) with a clear purpose: to take profits. The unlocking of 124 million ARB expected on July 16 will likely create selling pressure, exacerbating price volatility.

However, I believe that the Arbitrum ecosystem and its technical advantages still exist, and retail investors need to differentiate between short-term fluctuations and long-term value.