- Arbitrum’s on-chain metrics reveal that exchanges have witnessed an outflow of $1.55 million worth of ARB tokens.
- Traders are over-leveraged at $0.316 on the downside and $0.344 on the upside.
Amid the ongoing market correction, Arbitrum [ARB] appears to be garnering significant attention from investors and traders.
Data from the on-chain analytics firm Coinglass reveals that 73% of top traders on Binance were going long on ARB, while investors continued accumulating ARB tokens.
On the 24th of April, while the broader crypto market struggled for traction, ARB posted a modest 1.25% gain.
Naturally, this move stood out. The uptick seemed tied to renewed investor confidence following a bullish breakout and signs of steady price recovery.
Price and volume jump together
At press time, ARB hovered around $0.34, up 1.25% in 24 hours. Interestingly, trading volume rose by 7% over the same window—suggesting not just price action, but growing participation.
While examining the on-chain metrics alongside the current price momentum, it appears that the upward trend is likely to continue in the coming days.
Data from ARB Spot Inflow/Outflow revealed that exchanges have witnessed an outflow of a massive $1.55 million worth of ARB tokens in the past 48 hours.
This substantial outflow indicates potential accumulation, as the asset has been moved from exchanges to wallets.
Source: Coinglass
Such outflows can create buying pressure and contribute to further upward momentum.
73% of top Binance traders go long on ARB
In addition to the notable outflow, the Binance ARBUSDT Long/Short Ratio stood at 2.74 at press time, indicating strong bullish sentiment among traders. Thus, for every 2.74 long positions, there is only one short position.
In fact, the data showed that 73.26% of top ARB traders on Binance held long positions, while 26.74% held short positions.
Source: Coinglass
Meanwhile, Open Interest (OI) rose 11% in a day, pointing to more positions opening—predominantly long. Having said that, key liquidation zones added more context.
Supporting traders’ bullish bets, data revealed that major liquidation levels were concentrated near $0.316 on the downside and $0.344 on the upside, as traders appeared to be over-leveraged at these levels.
At the lower range, $4.92 million worth of longs had built up. Near the upper band, $1.18 million in shorts stood vulnerable. This setup reflected leveraged optimism, though it also carried risk if the price failed to hold.
Source: Coinglass
When combining all these metrics, it appears that the bulls are currently in control, which could support the asset in continuing its upward move.
