Recent activity on the Arbitrum blockchain has revealed an Externally Owned Account (EOA) address thought to belong to Korean crypto exchange, Upbit. This account has been collecting ARB tokens over the past 24 hours and now holds 59 million units valued at over $82.8 million, making Upbit the second-largest exchange holder of ARB, behind only Binance. Unsurprisingly, this accumulation has led to a surge in trading volume and market capitalization in the past 24 hours, with traders buying and selling over $1.4 billion worth of ARB on various exchanges.

ARB is the native token of the Arbitrum Layer two scaling solution for the Ethereum blockchain, which was released last week. Before it went live, several exchanges including Binance, Bitfinex and OKX, were given 40 million ARB “for testing”. Recent activity from a crypto hedge fund, Voyager, has also been seen as the firm sent $150 million worth of USDC stablecoin to Circle in exchange for hard cash. This came after Voyager had converted over $600 million worth of altcoins to USDC stablecoins over the past two months, according to blockchain data. These recent events suggest that there is a lot of activity in the cryptocurrency market, and traders are keeping a close eye on the trends.



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