- The cryptocurrency market witnessed significant developments this past weekend.
- Leading blockchain analysis firm Arkham Intelligence stirred the market with a major token transfer on July 18.
- They moved a substantial portion of their ARKM tokens, valued at nearly half a billion dollars, to Coinbase Prime.
This article explores the implications of Arkham Intelligence’s token transfer on the cryptocurrency market, alongside significant movements in ONDO and SNX coins.
Arkham Intelligence Executes a Major Token Transfer
The cryptocurrency market saw notable activity on July 18, 2024, as Arkham Intelligence, a prominent blockchain analysis firm, moved approximately 304.5 million ARKM tokens, worth around $487.24 million, from their assigned contracts to Coinbase Prime. This move, which included a significant portion owned by the company’s CEO, raised questions within the crypto community. The driving factors behind the transfer were cited as regulatory compliance and tax obligations.
Detailing the transfer, it was revealed that a substantial 115.8 million ARKM tokens (valued at $185.28 million) were attributed to Arkham’s CEO. The company’s justification for this massive transfer highlighted the necessity to meet tax and regulatory requirements. The process involved retrieving ARKM tokens from existing allocation smart contracts and moving them to intermediary addresses before finalizing the transfer to Coinbase Custody addresses.
Another critical aspect of this transfer is that Coinbase Custody will now manage ARKM allocations for company employees, following a pre-specified three-year vesting schedule to ensure compliance and transaction tracking. Additionally, tokens allocated to the team, investors, and advisors entered a linear unlocking cycle starting from July 18. Currently, the daily unlocking volume for these groups is approximately 324,200 ARKM tokens, valued at around $518,000.
ONDO Activity
Besides the significant token movement by Arkham Intelligence, other noteworthy developments in the crypto market included activity in ONDO tokens. On July 21, it was observed that several wallets transferred a total of $1.91 million worth of ONDO tokens to Bybit within 24 hours. These wallets possibly belonged to early investors who received the ONDO tokens from a multi-signature wallet two days prior.
SNX Price Dip
Meanwhile, in the SYN coin market, a whale investor transferred 1,067,930 SNX tokens, worth approximately $2.1 million, to Binance and sold them. This action caused the SNX price to drop by 7.4%. According to monitoring by Ember, these SNX tokens were initially withdrawn from Binance at an average price of $2.173 between January 31, 2023, and July 12, 2023. The investor’s decision to sell all SNX tokens at a lower price signaled a realized loss of 13% on this investment.
Conclusion
The recent token movements by Arkham Intelligence, as well as the activity in ONDO and SNX tokens, highlight ongoing significant shifts within the cryptocurrency market. Arkham’s transfer underscores the complexities of navigating regulatory and tax landscapes, while the actions of individual investors continue to influence market dynamics. As the market evolves, stakeholders are urged to stay informed and prepared for potential volatility and opportunities.
