After Cointelegraph’s fake news that the SEC approved iShares Bitcoin Spot ETF pushed the market into an uproar yesterday, we noticed a large amount of $ARB was redistributed:

1. Offchain Labs allegedly deposited 20M $ARB ($16.24M) to Coinbase at $0.812 on October 16, at 15:03 (UTC):

• txid: 0x8c7b9684bed71e0679569671157da6d94b9a3a3436d6076470a93c2ee444e464
• address: 0x1e7016f7c23859d097668c27b72c170ed7129a10

Notably, the deposit was done via the middle address, 0x8d4. Overall, address 0x8d4 has received a total of 71.318M $ARB ($81.7M) from the Offchain Labs' address 0x1e7 since March 23, 2023, and then deposited all to Coinbase shortly after having received:

• address: 0x8d45794b1b6c30784c59d064f292f3cdb7c75cfb

2. Four fresh whales withdrew a total of 20,222,827 $ARB ($16.34M) from the Coinbase address shortly afterward (between October 16, 23:32 and October 17, 0:08 UTC), of which:

• address 0x3c259355219454830fae05efc8761d73643baf70 received 6,349,044 $ARB ($5.13M)
• address 0x69b18839a9e36495bafa8be890d276f8b34a9032 received 6,349,044 ($5.13M)
• address 0xec8486e475deb11f5406ac79bb0d9f908ca7ebbd received 5,476,654 ($4.43M)
• address 0xed792cb611bc36f0d65daddace818eec814750ae received 2,048,085 ($1.66M)

Fig 1. $ARB fund movement on October 16.

Fig 2. $ARB price chart of the fund movements.