Developers Offload Nearly $320 Million Worth of Arbitrum Tokens to Coinbase

A recent on-chain transaction indicates that a multi-signature wallet associated with the Arbitrum Foundation recently sent 10 million ARB (around $4.99 million) to Coinbase Prime. This transfer, part of a larger ongoing process initiated in July 2023, has so far unlocked an average of 15 million ARB per month from the foundation’s vesting contract. A total of 350 million ARB have been transferred to Coinbase Prime, representing approximately $318 million worth of tokens based on their current average selling price of $0.91. This transfer follows a trend where developers are selling a significant portion of Arbitrum tokens recently.