While altcoin whales have shown significant activity in recent times, the market presents a balance between sellers and buyers. Noteworthy development occurred when Wintermute, a prominent market maker, transferred $12 million worth of Arbitrum (ARB) to Binance in a recent deposit. As per information shared by The Data Nerd, three wallets associated with Wintermute made a deposit of 12.3 million ARB valued at $12 million onto the Binance platform. It is worth highlighting that Wintermute had initially withdrawn these ARB tokens from Coinbase just two days prior to the deposit.

Investors and market analysts are interpreting this transaction as a strategic maneuver by Wintermute to influence the liquidity and market status of ARB on Binance. This action has led to increased speculation among investors, raising the anticipation of a possible downward movement in the price of Arbitrum.

Following a decline triggered by Bitcoin's performance on Friday, the value of ARB fell to $0.90 before stabilizing at $0.967 at the time of reporting.