Institutions appear to be selling their $ARB away as the $ARB price has been down by nearly 20% over the past month:

1. Mandala Capital deposited a total of 3.6M $ARB to OKX at $1.017 on average ($3.67M) over the past 2 hours:

• txid 1: 0xb1715395d2dc6f00405e74fcad62251844aaab9aba2d56419198bdd9c05b0750
• txid 2: 0x2f3d118c7c09bd1eb4fb1f3ab6601f029ca20292fd293060b6e1728ee110b601
• address: 0xa357f162fe9c383edeee81fbc905c4bc7fca166f

Notably, the VC mostly accumulated their $ARB via liquidity pools on Uniswap between March 23, 2023, and just now:

• In total, they added 19K $ETH and 7.04M $ARB of liquidity to the pools and received back 16.6K $ETH and 10.67M $ARB
• this implied that 2.4K $ETH was exchanged for 3.63M $ARB
• at the $ETH’s 5-month average price of $1,856, that initial investment of 2.4K $ETH would have been worth $4.45M
• as such, the VC is estimated to lose $770K from their $ARB investment if truly sold just now

2. CAP Finance sold 1M $ARB for 1.02M $USDC at $1.02 on average 18 hours ago:

• txid 1: 0xd0b63b1d3ec3782a9572fdaf60fb0829870ad85fc37e5cfd9eb4fa2eda2393b4
• txid 2: 0x6e6e0a1a7e3f0a2dfe68a21869b2c1ac08b2b694944f52a47f3830a34f891900
• address: 0xc271282d6c97fd0a235db3d219141e50d7b02aa1

Notably, CAP Finance:

• received 2.96M $ARB in the DAO airdrop
• has sold 2M $ARB for 2.18M $USDC at $1.09 on average (check out their last $ARB sales here)
• still holds 880K $ARB ($894K)

Fig. The price of $ARB has been down by nearly 20% over the past month.