"ARB Plunges to Lifetime Low: Whales Dump Amidst Bearish Sentiment"

Arbitrum [ARB] faces a potential lifetime low, with a 31.67% decline in the past month and a further 4.44% drop in the last 24 hours. Market sentiment among whales and other participants has been predominantly bearish, with selling activity possibly intensifying soon.

Data from Artemis shows an overall increase in active addresses on Arbitrum since February 1st, surging from approximately 224,000 to 262,000. However, the Average Time Held of Coins Transacted has declined, indicating that market participants have little incentive to hold ARB. A total of 12.41 million ARB has been transacted so far, and this could increase as holders reduce their exposure.

Whales have continued to sell ARB, with a total of $15.2 million worth of ARB transacted recently, dominated by large sellers. The Bull Bear Ratio confirms the presence of 150 large bears in the market over the past seven days. ARB risks a significant price decline if it fails to reclaim support at $0.4685, potentially falling below $0.3453 and establishing a new all-time low.

Despite bearish conditions, there is a bullish narrative in the market. The launch of USDT0, a new cross-chain stablecoin from Tether, on Arbitrum could have a net positive effect on Arbitrum, boosting adoption and increasing ARB’s usage. This development may help to reverse the current trend and drive ARB’s price back up.