On July 16, 92.65 million ARB are scheduled to be traded. The issue is valued at approximately $8.53 million and represents 1.65% of the currently issued supply.
Unlocked codes will be split between two main groups. About 56.13 million ARB will go to resolution The team, future team members and advisors. The remaining 36.52 million ARB will be allocated to investors.
Here, it should be noted that opening a token does not always lead to an immediate sale. However, the new supply could move the price in the short term, depending on how the recipients manage their holdings.
I mentioned AMBCrypto previously That 10% of fees collected from Robinhood Chain and other Arbitrum Layer-2 networks will be directed to the Arbitrum ecosystem. This development is separate from Unlock tokenbut the growing source of ecosystem value may also factor into ARB’s long-term forecasts.
How is ARB price performing?
Despite the impending event, ARB has recovered on the charts in recent sessions.
In fact, after falling towards the $0.07 range, the altcoin is back above $0.09. There may have been buying interest before the open.
The RSI was near 63 at the time of writing which meant that buyers had the upper hand without moving into the overbought zone. The MACD indicator also turned positive, supporting the upward movement.
Unlocking may test this recovery. The future depends on whether buying demand remains strong enough to absorb additional tokens.
Hope for derivatives traders?
Finally, ARB’s combined open interest rose to approximately $60.9 million. It appears that many traders are holding active positions in the market.
Meanwhile, the average financing rate was also positive at 0.0083%. Long positions appear to outperform short positions, with traders largely anticipating further upside on the charts.
What’s interesting is that this long position can also increase volatility if the market moves in the opposite direction.
Final summary
- Arbitrum will open 92.65 million ARB on July 16.
- At the time of writing, ARB price has recovered above $0.09, with traders also optimistic.
