According to on-chain analyst Yu Jin, an Arbitrum Foundation multi-signature wallet transferred 10 million ARB (US$4.99 million) to Coinbase Prime nine hours ago. This wallet unlocks approximately 15 million ARB per month from the Arbitrum Foundation's vesting contract, transferring 10 million of these to Coinbase Prime.

This wallet began unlocking ARB in July 2023, and to date, a total of 414 million ARB have been unlocked and claimed. 350 million ARB were subsequently transferred to Coinbase Prime, valued at $318 million at the exchange price, or an average price of $0.91.