Arkham Moves $487M ARKM to Coinbase Prime – What’s Behind This Massive Transfer?

Arkham Intelligence has successfully conducted a significant token transfer, relocating around $500 million worth of its native ARKM coins to Coinbase Prime. This strategic maneuver, which involved a vast number of tokens, including a significant proportion owned by the company's CEO, has generated curiosity and surprise within the cryptocurrency community. The corporation states that regulatory compliance and tax obligations are the main reasons for this shift.

Transfer of Arkham Tokens

Arkham Intelligence, a company specializing in analyzing blockchain data, recently transferred 304.5 million ARKM tokens, which are worth around $487.24 million, from its vesting contract to Coinbase Prime, a prominent cryptocurrency exchange. The transfer took place on July 18, 2024, and involved 115.8 million ARKM tokens valued at $185.28 million, which were controlled by the CEO.

The corporation declared that this transfer is essential to ensure tax compliance and adherence to regulatory requirements. The method entails retrieving ARKM tokens from current vesting smart contracts and transferring them to an intermediary address before their ultimate transfer to Coinbase Custody addresses.

They clarified that this decision will lead to Coinbase Custody overseeing the ARKM vesting for the company's workers. The custody agreement will be subject to strict monitoring and oversight, ensuring adherence to a trading plan that follows a predetermined, three-year unlocking schedule.

It is essential to mention that the ARKM tokens belonging to the team, investors, and advisors started a linear unlocking cycle on July 18. The daily release quantity for these three categories is roughly 324,200 ARKM tokens, estimated at approximately $518,000.

Market Impact & Future Outlook

Arkham's current price is $1.61, and its trading volume has been $50.2 million in the past 24 hours. The price has decreased by 2.76% in the last 24 hours but increased by 17.69% over the past week. Based on a circulating supply of 240 million, the current market capitalization of ARKM is $390.2 million, as per Coingape.

This important action taken by one of the prominent analytics organizations in the blockchain industry has attracted substantial notice. In the upcoming days, the cryptocurrency community will keenly observe the impact of this transfer on ARKM's market price and liquidity. Investors and market experts will be specifically intrigued by the potential impact of this action on the token's performance and standing within the wider cryptocurrency ecosystem.

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