Is Arbitrum’s token unlock a ‘sell the news’ event?

The sentiment around the market indicated that the unlock might not trigger a price crash.AMBCrypto, through data from Spot On Chain, observed that this was not the first of tokens the market purchased. At press time, the recent buy meant that Wintermute Trading now holds a total number of 29.48 million ARB.Token unlocks refers to the release of previously-locked tokens into circulation. This mechanism implies increased supply.

As of this writing, ARB’s price was $2.01. This value represents a 6.50% decrease over the last 24 hours. Despite the recent drawdown, the sentiment around the project has changed. Previously, the Weighted Sentiment of ARB was negative. But by the 13th of March, the reading had risen into negative territory. Weighted Sentiment tracks the positive/negative commentary about the Arbitrum project. Therefore, the press timeAs such, it is possible for traders to place big bets on long positions. Apart from the broader market sentiment, AMBCrypto spotted a significant change in the number of ARB holders.Three months ago, the number of holders was 985,000. But at the time of writing, the number has increased to 1.17 million.

In the meantime, active addresses on the network had decreased. At 24,900, the active addresses indicated that speculation around ARB had reduced. If speculation decreases, then the chances of selling has also fallen.$2 toward the unlock. While it can, metrics agree that a rally could be in the works after the supply increases.Victor is a full-time journalist at AMBCrypto.

Source: News Formal (newsformal.com)

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