Rollbit, Arbitrum, and The Graph bear the brunt of crypto market fluctuations as Bitcoin falls below $25k for the first time since June.
Cryptocurrency markets have seen a slight wave of volatility, as the overall market is down by 2.8% in the past 24 hours. Among the top losers were Rollbit Coin (RLB), Arbitrum (ARB), and The Graph (GRT).
Rollbit Coin (RLB) nosedived 18.5% within a day, currently trading at $0.1293 at the time of writing. Arbitrum is also down by 10% over the same time frame.
Indexing token The Graph (GRT) experienced a 7% decline. At the same time, the NFT-based token ApeCoin (APE) dropped by over 6.5%. A previous report revealed that 96% of APE holders are currently operating at a loss, encompassing over 130,000 addresses.
Arbitrum whales are selling at a loss
According to data from Arbiscan, three large transfers to Binance involving over 10.23 million ARB, valued at approximately $8 million, took place today.
Data from Lookonchain revealed that one specific whale had previously purchased 3.64 million ARB for 2,000 ETH ($3.27 million) at an average price of $0.9 since Sept. 3. Today, the same investor deposited all of these ARB assets to Binance, incurring a loss of approximately $300,000. These movements suggest that whales might be losing confidence in the token.
Sidebar: Bitcoin’s brief dip below $25,000
Amid these notable movements in the altcoin sphere, Bitcoin (BTC) — the leading cryptocurrency — also experienced a momentary setback. For the first time in three months, its price briefly fell below the $25,000 mark.
While it did not experience the drastic drops seen by the aforementioned altcoins, this temporary slide serves as another reminder of the market’s current condition.