Arbitrum-related wallets transferred 22 million ARBs to Coinbase in the past 24 hours, estimated at approximately $2.3 million according to the data in the article. This transfer has raised market concerns about an increase in potential circulating supply, although the overall flow of tokens across exchanges has not completely weakened.

The net outflow has continued for the past seven days.

On-chain data shows that after the transfer, some associated addresses still hold a significant amount of ARB. One wallet still holds 55.89 million ARB, and the Arbitrum:Gnosis address holds 85.22 million ARB.

However, broader exchange data shows that approximately $11 million of ARB flowed out of centralized exchanges over the past seven days, indicating that some investors are still transferring tokens to self-custodial addresses. The market currently exhibits two opposing forces: supply concerns stemming from transfers from linked addresses to exchanges, and demand for holding tokens reflected in the continued outflows.

Price approaches key support

In terms of price movement, ARB weakened significantly after breaking below the upward channel that had been in place from March to early May. Subsequent selling pressure pushed the price down to around $0.1006, and at the time of writing, it was around $0.1028.

Currently, the ARB is not only below the $0.1164 resistance level, but also significantly below the higher $0.1447 area. Technically, the MACD line remains below the signal line, and the histogram continues to be in negative territory, indicating that bearish pressure has not completely subsided. Although downward momentum has slowed somewhat, buying pressure has not yet recovered key levels.

Funding fees turn negative

The derivatives market also showed a more cautious sentiment. The article stated that the weighted funding rate based on open interest has fallen to -0.0051%, meaning that short sellers are paying long positions in the perpetual contract market, reflecting an increase in short positions.

This structure typically appears when traders anticipate further price weakness or are actively hedging their risk. The current changes in funding rates are largely consistent with the ARB's break below its upward channel and its failure to recover the upper resistance level.

The scale of liquidation is not large for the time being.

Meanwhile, recent liquidation activity has been relatively mild overall, indicating that there has been no large-scale, high-leverage sell-off in the market. Neither long nor short positions have experienced significant forced liquidation, thus lacking a direct catalyst to trigger sharp fluctuations in the short term.

If the price clearly falls below $0.1006, liquidation pressure may increase; if it rebounds above $0.1164, some defensive short positions may be forced to exit. Overall, ARB is currently in a phase of mixed supply concerns, net outflows from exchanges, and bearish sentiment in derivatives. The short-term focus remains on whether key support levels can hold.