Arbitrum Foundation routinely transferred 10 million ARB to an exchange 9 hours ago, having sold 350 million ARB over the past 2 years.

According to a report by Jinse Finance, on-chain data analyst Yujin has monitored that a multisig wallet of the Arbitrum Foundation transferred 10 million ARB (approximately $4.99 million) to an exchange 9 hours ago. It is reported that this wallet unlocks and receives about 15 million ARB from the Arbitrum Foundation's vesting contract every month, of which 10 million ARB are transferred to an exchange. Since July 2023, this wallet has unlocked and received a total of 414 million ARB, with 350 million ARB transferred to an exchange after being received. Based on the price at the time of transfer, the value is $318 million, with an average price of $0.91.